California reconsiders State Farm rate hike

California reconsiders State Farm rate hike as insurer’s losses rise
As we enter the fire season, it’s in jeopardy,” CFO Mark Schwamberger said of the state’s largest policyholder.
California insurance regulators urge State Farm to expand coverage in exchange for rate hikes
Earlier this month, State Farm — the state’s largest home insurance provider — asked the California Department of Insurance to approve statewide rate increases averaging 22% for homeowners. It also requested a 15% increase for renters and condo owners and a 33% hike for rental owners.
California Gives State Farm Insurance Ultimatum
California's insurance commissioner met with State Farm executives Wednesday to discuss the emergency request for a rate hike.
State Farm threatens to drop more policies if California's Lara rejects rate hike
State Farm executives made it clear that if the California Department of Insurance does not approve the increases, the insurer may move forward with dropping even more policies, reducing coverage across the state.
California insurance commissioner meets privately with State Farm, hopes to make rate hike decision within 2 weeks
Ricardo Lara said he will look at information provided by State Farm before revisiting his previous decision to reject the company’s emergency rate hike.
State Farm’s CEO for California discusses financial turmoil in unprecedented transcript
State Farm has given Insurance Commissioner Ricardo Lara a stark choice: approve a rate increase consumer advocates say amounts to $600 per household, or run the risk that California’s largest insurer may drop even more policies across the state.
California insurance commissioner meets with State Farm about emergency rate hike
California’s insurance commissioner met with representatives for State Farm Wednesday in Oakland to talk about why the company has requested an emergency rate hike following the Los Angeles County wildfires.
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