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State Farm seeks 22% rate hike to recover from Los Angeles wildfires' billion-dollar costs.
State Farm, California's largest home insurer, is requesting a 22% emergency rate increase due to the financial strain from the recent Los Angeles wildfires.
The insurer has already paid over $1 billion in claims and expects to pay significantly more, making it the costliest disaster in the company's history.
The rate hike aims to help State Farm rebuild its capital and manage risk.
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State Farm busca un aumento de la tasa de 22% para recuperarse de los costos de los incendios forestales de Los Ángeles.