California to consider State Farm emergency rate increase request
Insurance Commissioner Ricardo Lara had asked for the meeting in which he and Consumer Watchdog will sit down with State Farm reps to discuss proposed emergency policy rate increases of up to 38% to cover the costs associated with the Los Angeles-area wildfires.
California reconsiders State Farm rate hike as insurer’s losses rise
State Farm General requested a 22% emergency rate hike in California to cover losses from the Los Angeles County wildfires and stop its “financial deterioration.” Lara declined the request, and asked that Krause and other company officials to meet with him to answer questions about why higher rates were needed.
California insurance commissioner meets privately with State Farm, hopes to make rate hike decision within 2 weeks
Ricardo Lara said he will look at information provided by State Farm before revisiting his previous decision to reject the company’s emergency rate hike.
State Farm’s CEO and California’s top insurance official just met. Here’s exactly what they said
State Farm has given Insurance Commissioner Ricardo Lara a stark choice: approve a rate increase consumer advocates say amount to $600 per household, or run the risk that California’s largest insurer may drop even more policies across the state.
California insurance regulators urge State Farm to expand coverage in exchange for rate hikes
Earlier this month, State Farm — the state’s largest home insurance provider — asked the California Department of Insurance to approve statewide rate increases averaging 22% for homeowners. It also requested a 15% increase for renters and condo owners and a 33% hike for rental owners.
California Gives State Farm Insurance Ultimatum
California's insurance commissioner met with State Farm executives Wednesday to discuss the emergency request for a rate hike.
California insurance commissioner meets with State Farm about emergency rate hike
California’s insurance commissioner met with representatives for State Farm Wednesday in Oakland to talk about why the company has requested an emergency rate hike following the Los Angeles County wildfires.
Thousands of LA Wildfire Victims Get New Insurance Boost
The state's insurance commissioner, Ricardo Lara, said homeowners "should not have to worry about losing their insurance." ...
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State Farm estimates $7.6 billion in LA wildfire losses, continues seeking interim rate request
State Farm Insurance Group said this week that it has paid out $1.75 billion on approximately 9,500 claims filed as a result ...
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Opinion Columnists
The horrendously destructive and deadly Los Angeles wildfires erupted in January just as Insurance Commissioner Ricardo Lara’s historic and very controversial overhaul of how insurers ...
Farmers announces initial $600-million loss for Los Angeles fires
Farmers Insurance said claims from the Los Angeles fires will cost it at least $600 million, a substantially smaller initial ...
State Farm reports staggering insurance losses from Los Angeles wildfires
State Farm General, California’s largest home insurer by far, estimates it will pay $7.6 billion to survivors of the Los ...