State Farm
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IBHS CEO Roy Wright says insurers need a comprehensive approach to resilience. -
Roughly half a year since the LA fires, brokers said there’s hope things are turning around.
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The class can collectively challenge State Farm’s property claims calculations.
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The ruling comes as insurers face growing legal pressures following the January blazes.
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Lara approved an interim rate increase for the company just weeks ago.
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The company seeks the full 30% homeowners’ rate request it made last June.
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State Farm will need to provide its CA subsidiary with a $400mn surplus note.
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The carrier has received 12,300 claims as of 28 March.
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Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
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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.
