State Farm
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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.
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The Republican said his office has launched an investigation into the denials.
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The ratings agency said that it continues to assess State Farm’s balance sheet among the strongest.
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State regulators have largely avoided enforceable AI regulations, but bad news could change that.
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The regulations are designed to address long-term solvency concerns.
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State Farm is under investigation as its premiums have been rising “drastically".
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IBHS CEO Roy Wright says insurers need a comprehensive approach to resilience.
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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.
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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
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Sources said California regulators need to show they’re receptive to private insurer needs.
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The insurer is seeking a 22% interim raise, but the request is currently on hold.
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The insurance commissioner said the carrier has not shown the need for price increases.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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The company says the recent wildfires will be the costliest in its history.
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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
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The company received over 10,100 home and auto claims as of January 27.
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A state-mandated, one-year moratorium on non-renewals is also in place.
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Insurers are fighting to recoup claims they have paid out.
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Independent litigation threatened a $4bn settlement with wildfire victims.
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The victims claim insurers shouldn’t get settlement cash before they’re made whole.
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The discrepancy between rising claim counts and favorable reserves is cause for concern.
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Mutuals struggle to react and adapt to a worsening loss environment.
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The downgrade reflects the company’s balance sheet strength, which AM Best assessed as weak.
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The carrier stopped accepting new HO business in the state last May.
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