$12B in LA Wildfire Insurer Payouts & State Farm’s 22% Emergency Rate Hike in CA

Insurer Payouts for LA Wildfires Top $12B

California Insurance Commissioner Ricardo Lara (D) announced that insurers have now paid out over $12 billion in claims from the largest of the Los Angeles wildfires. That sum is almost twice the $6.9 billion that insurers had paid out as of February. (INSURANCE JOURNAL)

CA Insurance Commissioner Set to Approve State Farm Emergency Rate Hike

California Insurance Commissioner Ricardo Lara (D) said he will approve State Farm’s request for an emergency rate increase if the company can justify the need for it at a public hearing to be held next month. The company requested an almost 22% average price increase for homeowners policies last month, due in part to the Los Angeles wildfires. (SACRAMENTO BEE)

—Compiled by SNCJ Managing Editor KOREY CLARK

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