JOURNAL ARTICLE

California Insurance Chief Backs 22% State Farm Rate Hike.

  • Published In: Bloomberg.com, 2025. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Kamisher, Eliyahu 3 of 3

Abstract

California Insurance Commissioner Ricardo Lara plans to approve a 22% emergency rate increase for State Farm policyholders to stabilize the insurance market after wildfires. The rate hike aims to provide financial relief to State Farm's California subsidiary, which has paid out over $2 billion in claims. The increase, pending a public hearing, is intended to address the state's insurance crisis exacerbated by worsening wildfires, with State Farm expected to account for $7.6 billion of insured losses from recent fires. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2025/03, pN.PAG
  • Document Type:Article
  • Subject Area:Business and Management
  • Publication Date:2025
  • Accession Number:183695954
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