State Farm
-
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.
-
The company says the recent wildfires will be the costliest in its history.
-
The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
-
The company received over 10,100 home and auto claims as of January 27.
-
A state-mandated, one-year moratorium on non-renewals is also in place.
-
Insurers are fighting to recoup claims they have paid out.
-
Independent litigation threatened a $4bn settlement with wildfire victims.
-
The victims claim insurers shouldn’t get settlement cash before they’re made whole.
-
The discrepancy between rising claim counts and favorable reserves is cause for concern.
-
Mutuals struggle to react and adapt to a worsening loss environment.
-
The downgrade reflects the company’s balance sheet strength, which AM Best assessed as weak.
-
The carrier stopped accepting new HO business in the state last May.
-
-
Personal lines rate filings are rising, even as some inflation drivers slow.
-
Increased cat losses in property offset auto improvements.
-
Cooling CPI metrics and improving loss ratios indicate a positive shift for the personal auto industry, but results are not yet back to where they need to be.
-
Personal auto carriers risk falling behind in the battle between loss costs and approved rate declines, while homeowners carriers’ double-digit filings might not be enough to keep up.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
