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Against the recommendation of his employees, California Commissioner for Insurance Ricardo Lara refused a request from State Farm To the green light, the “emergency” rate is increasing for holders of insurance policies.
Calm Levags Explains, earlier this month The largest insurer for homeowners in California has sought a course increased an average of 22% for homeowners, 15% for tenants and 38% for condominium owners. In a letter to Lara, start farm executives, stated that Los Angeles County Fires will be “the most expensive in the history of the company” and that the increase in the rates will “help prevent a sharp situation for our customers and the insurance market” in California S
But Lara rejected the request on Friday, citing that he needed more information before approving an increase, such as what the insurer is doing to improve her finances other than raise raises and whether his mother can provide help S He called for a personal “informal conference” with the heads of state farms on February 26 at the California Department of Insurance in Oakland.
- LaraIn a letter to the heads of state farms: “Customers need real answers about why they were asked to pay more and what responsibility the management of the company takes to break their financial house.”
Levi also reports that as insurance claims from deadly fires in the LA region continue to roll, the insurance department publishes number updates. For those following, the number of insurance claims for homes and businesses has increased to 33 717. Among these claims over $ 19,000 are partially paid, for a total value of $ 6.94 billion as of February 5.
The numbers include data from individual insurance companies and the honest plan of the last deadline which Successfully pressed to save $ 1 billion from private insurance companies. For the first time, the insurance department also released the number of car claims: 5597 requests for a total of $ 73 million paid so far.
In other economic news: As a legal battle over President Donald Trump Freezing a certain federal funding Continues to play in the courts, Levi Immersed in the worries of the small business in Californiawhich represent at least 29% of jobs in the country.
With $ 1.15 billion loans approved for 2025, California is the largest borrowing winner of the Federal Administration for Small Business. Some small business owners and defenders are skeptical of the Trump administration’s promise that small business financing will not be stopped. If freezing occurs, entrepreneurs can have less opportunities and resources to start a business, which can lead to less jobs.
