US EditionState Farm seeks emergency CA rate hike after $7.6B LA wildfire loss
- State Farm requested a rate increase in California following Los Angeles wildfires, potentially impacting over three million people.
- The request followed significant financial losses from the wildfires, with State Farm estimating $7.6 billion in direct losses.
- Hearings in Oakland addressed the request, including potential conflicts involving consultant Nancy Watkins and financial impacts.
- Nikki Kennedy of the California Department of Insurance stated, "We're on the Titanic, and we see the iceberg."
- Consumer Watchdog opposes the rate increase, while State Farm argues it needs funds to remain solvent and avoid a downgrade.
18 Articles
18 Articles
TMZ
Cirrkus NewsJason Oppenheim Says Fire Insurance Rates Will Stay Heavily Inflated After L.A. Fires
Jason Oppenheim says fire insurance rates have skyrocketed since the Los Angeles wildfires burned through major neighborhoods in the city ... and, he says all Californians are going to pay for it for in the years to come. We caught up with the…
State Farm compromises on emergency rate hikes for Californians
State Farm could get the green light soon to raise premiums on California homeowners following public hearings this week, during which the insurance giant argued it needed the price hikes to restore financial stability. An attorney for the California Department…
State Farm compromises on emergency rate hikes for Californians - Washington Examiner
State Farm could get the green light soon to raise premiums on California homeowners following public hearings this week, during which the insurance giant argued it needed the price hikes to restore financial stability. An attorney for the California Department of Insurance described State Farm’s situation as “dire,” likening it to the Titanic, but adding that there was still a window of time to right the ship. A firefighter pulls a hose while …
Cal Matters
Lookout Local Santa CruzState Farm moves one step closer to emergency California rate hike
After a three day hearing this week, State Farm is one step closer to approval for a rate hike on its California customers.
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