State Farm is seeking approval for an emergency rate hike on California homeowners, according to CNBC. The insurance company is seeking emergency approval to raise rates, citing the need to boost capital and avoid financial collapse after the devastating Los Angeles wildfires. January’s Los Angeles wildfires caused just under $300 billion in damages and economic slowdown, making them the costliest natural disaster on record. Insurers in California faced major losses before the fires in January due to a decade-long rise in the frequency and severity of natural disasters.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02State Farm is seeking approval for an emergency rain hike on California homeowners, according to CNBC.
00:08The insurance company is seeking emergency approval to raise rates,
00:11citing the need to boost capital and avoid financial collapse after the devastating Los Angeles wildfires.
00:17January's Los Angeles wildfires caused just under $300 billion in damages and economic slowdown,
00:22making them the costliest natural disaster on record.
00:25Insurance in California face major losses for the fires in January
00:29due to a decade-long rise in the frequency and severity of natural disasters.
00:34For all things money, visit Benzinga.com slash GSTV.