Insurance companies have called for the average “to avoid disastrous situations” to avoid the average of 22 % to pay thousands of claims related to fire to the California Insurance.
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The state farm says that it is struggling to handle insurance payments from Los Angeles’s landscape, which destroyed the city last month.
Insurance companies are working to pay thousands of claims received from California to pay thousands of claims received for disasters, so to avoid the average “to avoid miserable situations”. I asked to pull it up.
State farms have paid more than $ 1 billion to California’s insurance policyholders and have been charged more than 8,700 since February 1, said the company.
In the past nine years, insurance companies have added that the rate of state companies in the state does not agree with the increased risk in the region. In other words, being collected at insurance premiums every $ 1.00 means that the state farm general spent $ 1.26 and leads to a move. More than $ 5 billion of underwriting.
“California’s customers will be more risky in California, and will cost more for future customers,” said the company. “Immediate emergency provisional approval of additional charges is indispensable to adjust the cost and risks more closely so that the general farms can rebuild their capital. It is necessary to match the price properly. However, it is necessary to match the price of the insurance.
In March 2024, the insurance company called the credit -rating agency that the financial strength rating of the state farmers in the state was the most well downgraded to fair and long -term issuer credit rating, and the strength of the balance sheet was “weak.” He pointed out that he was.
Credit: State Farm General
In May 2023, the state farm also announced that it would stop accepting new applications for California’s housing insurance for the cost of construction, the risk of wildfire, and the “challenging” re -insurance market. In less than a year, the company announced that it will not update 72,000 houses and apartments in the state.
Despite the claim that the state farms are deeply expanding to the financial hard spots, some consumers say that insurance companies are on steady.
“California is very profitable in the past few years,” said Doug Heller, the US Consumer Federation’s insurance director, “California in the past few years.”
“They have built an incredible property to address the crisis,” he continued. “If they feel that they need to raise their fees in the future, they have the right to go through the process, but they will try to bully the nation while we are trying urgent sirens. To recover from a disaster.
As of 2023, Hella added that the loss of a state farm in California (the second largest state due to premium dollars) was lower than the industry average, according to trade publishing data. He stated that the surplus of the company (the rest of the remaining funds after the claim and the management overhead) would be equivalent to more than 10 % of the surplus and victims’ insurance industry.
In addition, the state farm was accused of pouring its excess profits into mutual car insurance Co., Ltd., a parent company’s state, in the fall of last year.
In June 2024, the insurance company also demanded three extraordinary “rescue” from a typical process used to set a fee in California. At that time, the state farm claimed a legal operation called “distributed”. This is adopted when the insurance company thinks that his Solvency is threatened. As part of the process, the state farm demanded a 30 % increase in insurance for housing owners.
“The California State Insurance Bureau’s Gabriel Sanchez Bureau’s Gabriel Sanchez Bureau has made a serious question about the financial state of the state farm general,” said USA TODAY. “In order to protect millions of California consumers and housing property insurance markets, the department responds with urgency and transparency and recommends Lara’s action policy.”
According to the California Ministry, as of January 30, California residents have been paid $ 4.2 billion in relation to the LA County’s mountain fire.
Please email Lillian Dickerson
