· 2d
California reconsiders State Farm rate hike as insurer’s losses rise
· 3d · on MSN
California Gives State Farm Insurance Ultimatum
State Farm’s CEO and California’s top insurance official just met. Here’s exactly what they said
State Farm has given Insurance Commissioner Ricardo Lara a stark choice: approve a rate increase consumer advocates say amount to $600 per household, or run the risk that California’s largest insurer may drop even more policies across the state.
While continuing to be shrouded in controversy as it threatens to drop more policies if its California rate hike is rejected, State Farm reported a $5.3 billion net income in 2024, reversing a $6.3 billion net loss in 2023, driven by capital gains and a significant reduction in its pretax operating loss.
State Farm is asking the state of California if it can temporarily raise its homeowner insurance rates because the company says that paying out claims for the Los Angeles wildfires is hurting its finances.
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