A hillside burns during the Palisades Fire in the Pacific Palisades neighborhood of Los Angeles, California, US, on Tuesday, Jan. 7, 2025. A fast-moving wildfire ripped through an affluent neighborhood in Los Angeles, forcing thousands of people to evacuate as the region braced for a brutal wind storm that could last well into the weekend. Photo: Kyle Grillot/Bloomberg
State Farm will pay $7.6 billion to settle claims related to the LA County wildfires, the insurer said in a letter to California Insurance Commissioner Ricardo Lara.
The letter follows the commissioner’s Feb. 14 rejection of State Farm’s emergency request for a rate hike following the fires, saying the company has not shown why the increase is needed. State Farm said the rate hike would help avert a dire situation for over 2.8 million policies, including one million State Farm homeowners customers and the insurance market in the state of California.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Joe Toppe
Joe Toppe serves as managing editor of PropertyCasualty360.com. Joe is also a father of three, an author, and longtime lover of baseball.
