State Farm
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Commissioner Lara also proposed a $500mn cash infusion from parent State Farm. -
The carrier has also received 11,750 fire-related claims so far this year.
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The company is seeking an emergency rate increase after the devastating Los Angeles wildfires.
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State Farm General has asked California regulators for an emergency rate increase.
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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
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Sources said California regulators need to show they’re receptive to private insurer needs.
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The insurer is seeking a 22% interim raise, but the request is currently on hold.
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The insurance commissioner said the carrier has not shown the need for price increases.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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The company says the recent wildfires will be the costliest in its history.
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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
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The company received over 10,100 home and auto claims as of January 27.
