State Farm isn’t done seeking a rate increase in California, upping its request a week after getting the OK for a large rate hike to what the company had originally wanted before being rejected and agreeing to an interim deal for an increase. The wildfire-bitten insurer recently got approval for a 17% rate increase following … Read more
It looks like California’s largest homeowners insurer is getting a large rate increase following billions of dollars in losses from the Los Angeles wildfires and pullback on writing new policies in the state. Administrative Law Judge Karl Seligman recommended approval of State Farm interim rate hike on Monday. California Insurance Commissioner Ricardo Lara still must … Read more
Stay informed with free updates Simply sign up to the Chinese economy myFT Digest — delivered directly to your inbox. China’s top economic officials said the country could do without American farm and energy imports as they vowed to achieve a 5 per cent GDP growth target for the year despite the trade war with … Read more
State Farm has reported paying out $2.5 billion for the Los Angeles wildfires in January, more than double what the carrier reported paying out weeks earlier. “As of March 28, we’ve received more than 12,300 total claims related to the fires and have paid over $2.5 billion to our customers,” State Farm said in a … Read more
Ahead of a decision from California’s insurance commissioner on a State Farm General request for emergency rate increases, company executives and representatives of a consumer group pled their opposing cases in letters to Commissioner Ricardo Lara. News outlets in California reported earlier this week that Commissioner Lara is leaning toward a solution that would have … Read more