California, State Farm and rate hikes

California insurance chief says he’s near ‘solution’ on State Farm rate hike
State Farm executives said at the meeting that it needs a 22% emergency rate hike in California to cover more than $7.9 billion in losses. Lara initially rejected the request, saying in a Friday, Feb. 14, letter to State Farm executives that he needed more information before he can approve an increase.
The California crisis in homeowners insurance has only one real solution
It’s bad enough when home insurance prices rise 10% to 20% per year. But what if they went up 10 to 20 times? We are two longtime California residents who have worked more than 30 years in and around business and finance.
State Farm executive fired over comments about rate hikes
Haden Kirkpatrick, a top State Farm executive, said he was fired after being recorded in an undercover video making disparaging remarks about Pacific Palisades homeowners.
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.
State Farm fires executive who discussed prospect of more California nonrenewals in undercover video
A State Farm executive has been fired after an undercover video of him discussing the company’s request for insurance rate hikes in California and appearing to denigrate residents of fire-devastated Pacific Palisades circulated online.
Secret video: State Farm exec appears to confess to manipulating California insurance rate hikes
The video appears to have been recorded sometime after the Southern California wildfires, and references the Palisades Fire in particular.
‘They’re being so stingy with everything.’ State Farm criticized for claims response
State Farm, the largest home insurer in California, continues to seek approval of a 22% emergency rate hike even as it faces ...
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Climate politics and insurance intertwine, giving California official a no-win choice on State Farm
For Insurance Commissioner Ricardo Lara, approving an emergency 22% rate hike request by State Farm would raise bills for ...
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California Insurance Commissioner demands more answers from State Farm on proposed rate hike
Read more about the home insurance crisis in California here. "Despite multiple approved rate changes, State Farm has stopped writing new policies in California and non-renewed thousands ...
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State Farm Seeks Emergency Insurance Rate Hikes in California After Wildfires
State Farm General, the largest provider of Fire insurance in California ... there is no proposed timeline for approval or denial of State Farm’s request. 22% increase for homeowners ...
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State Farm seeks 22% rate hike for California homeowners to cover Los Angeles wildfire losses
State Farm, the largest insurance company in California, has asked state regulators to immediately approve a steep rate hike for homeowners to prevent a “dire situation” for its customers ...