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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/BloombergState 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.
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