Browsing: rate hike

Insurance Commissioner Ricardo Lara will review information from State Farm before deciding on the company’s request for an emergency rate increase.

State Farm General has requested an emergency rate increase in California, citing financial strain from recent wildfires and the escalating risks associated with climate change.

Chief Financial Officer Mark Schwamberger announced the company’s continued state-by-state operational strategy following a year of financial recovery and ongoing discussions with California regulators regarding proposed rate increases.

California’s Insurance Commissioner, Ricardo Lara, has denied State Farm’s request for an immediate rate increase following the Los Angeles fires, demanding more information and setting up a potential confrontation.

State Farm General Insurance, California’s largest home insurer, has requested a 22% rate increase, citing losses from recent wildfires.

State Farm General is requesting an emergency rate increase in California, citing the financial strain caused by recent wildfires and potential future claims.