State Farm
-
The commissioner said more work needs to be done, but big companies are interested in coming back. -
Carriers underweight in E&S could lead the charge in the next round of M&A.
-
The Republican said his office has launched an investigation into the denials.
-
The ratings agency said that it continues to assess State Farm’s balance sheet among the strongest.
-
State regulators have largely avoided enforceable AI regulations, but bad news could change that.
-
The regulations are designed to address long-term solvency concerns.
-
State Farm is under investigation as its premiums have been rising “drastically".
-
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.
-
The class can collectively challenge State Farm’s property claims calculations.
-
The ruling comes as insurers face growing legal pressures following the January blazes.
-
Lara approved an interim rate increase for the company just weeks ago.
-
The company seeks the full 30% homeowners’ rate request it made last June.
-
State Farm will need to provide its CA subsidiary with a $400mn surplus note.
-
The carrier has received 12,300 claims as of 28 March.
-
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.
-
The company is seeking an emergency rate increase after the devastating Los Angeles wildfires.
-
State Farm General has asked California regulators for an emergency rate increase.
-
The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
-
Sources said California regulators need to show they’re receptive to private insurer needs.
-
The insurer is seeking a 22% interim raise, but the request is currently on hold.
-
The insurance commissioner said the carrier has not shown the need for price increases.
-
The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
