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The Latest Breaking News from Ricardo Lara

California Progressives Want 'Big Oil' To Fix an Insurance Crisis Created by the State's Price Controls

Instead of confronting the problems with the state's heavily regulated insurance market, lawmakers are looking for a scapegoat.

Reason

‘Delays, lowballs, outright denials’: how the LA wildfires have exposed the US’s broken insurance industry

Insurance practices in an age of climate volatility raise troubling questions about home ownership and housing affordability – the bedrock of the American middle class

The Guardian - US

Farmers Insurance Seeks 6.99% California Rate Hike, Offers 22% Discount — and You May Feel the Squeeze

Farmers Insurance has applied for a 6.99% rate increase on California homeowner policies and proposes a 22% discount for bundling home and auto coverage, while lifting its policy cap.

International Business Times UK

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'Pay Up or Burn': Californians Furious as Mercury Insurance Exploits New Wildfire Law with 6.9% Rate Rise

Mercury Insurance has filed for a 6.9% rate hike in California under a new wildfire modelling law, sparking outrage as residents face soaring premiums amid a deepening insurance crisis.

International Business Times UK

California insurance regulator launches investigation into State Farm over claims from LA fires

California's top insurance regulator is launching a probe into State Farm over its handling of claims from Los Angeles-area wildfires that broke out in January

The Independent UK

State Farm pursues additional 11% rate increase in California after emergency rate hike approval

Condo owners and renters may see larger jump as insurance firm pursues overall 30% rate increase for policies in state

The Guardian - US

California approves State Farm’s request for 17% premium increase for homeowners

Insurance provider says rate hikes are necessary to help the company avoid a ‘dire’ financial crisis

The Guardian - US

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California approves State Farm's request for 17% premium increase for homeowners

State Farm can soon start raising premiums by 17% for its California home insurance customers

The Independent UK

California consumer group sues to block insurers from adding surcharge following LA fires

A consumer advocacy group has filed a lawsuit to block insurers from charging California customers for $500 million in costs associated with the January Los Angeles wildfires

The Independent UK

California regulator mulls State Farm's request for 22% premium hike for homeowners after LA fires

California's top insurance regulator says he will approve an emergency request from State Farm to raise home insurance rates for roughly a million customers if the company can justify the hike at a public hearing

The Independent UK

Tinder Date Gone Wrong: State Farm Exec Fired After Saying Premium Hikes Following California Fires Were 'Kind Of' Orchestrated

State Farm General had filed for an 22% rate hike for its homeowner policies, citing the wildfires and a £3.86 billion drop in its surplus account in the past decade.

International Business Times UK

State Farm Exec Fired Over Insensitive Remarks About LA Wildfire Victims In Bombshell Video

The State Farm executive was fired after suggesting the LA wildfire victims ended up suffering because “ego” pushed them to build houses in fire-prone areas. The post State Farm Exec Fired Over Insensitive Remarks About LA Wildfire Victims In Bombshell Video first appeared on Bored Panda.

Bored Panda

Bad To Worse

From insurance to affordable housing mandates, California's regulatory noose tightens over wildfire rebuilding efforts.

Reason

Burned: “Good Neighbor” State Farm Seeks Huge Rate Hikes After L.A. Fires

Will Insurance Commissioner Ricardo Lara bow to the industry giant or protect disaster-stricken Angelenos?

Capital & Main

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The Guardian - US

California insurance plan asks private insurers for $1bn after wildfires

Private plans, such as State Farm, required to give to Fair plan so all residents have access to fire insurance

Reason

California Politicians Now Want Oil Companies, Not Insurers, To Subsidize People Living in Wildfire Zones

A proposed state bill would allow individuals and insurers to sue oil companies for wildfires damages.

International Business Times

No Home, No Insurance: The Double Hit From Los Angeles Fires

As he looks at the ruins of his home razed when deadly fires tore through the Los Angeles area, Sebastian Harrison knows it will never be the same again, because he was not insured.

Top News

New Rapid Response Effort Launched To Combat Insurance Fraud

Los Angeles officials team up to combat insurance fraud post-wildfires, with a focus on protecting survivors and prosecuting offenders. FBI warns against s...

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The Independent UK

These home insurance companies denied the most claims

California has barred home insurers from dropping or refusing to renew California wildfire victims for a year

The Independent UK

Tyler Perry calls out ‘appalling’ insurance company decisions in wake of LA wildfires

Actor and filmmaker criticised insurance companies for taking ‘billions of dollars out of communities’ only to ‘cancel millions of policies’ in fire-prone areas

Reason

California's Insurance Regulation Fixes Came Too Little, Too Late

Decades-old, voter-approved restrictions on insurers raising premiums have created a regulatory disaster to match the natural one.

International Business Times UK

Thousands of Californians Uninsured: What Happens When Wildfires Destroy Their Homes?

Although insurers have been dropping coverage for California homeowners for years, new rules announced weeks ago will mandate them to offer policies in high-risk regions.

Fortune

Just before wildfires hit, California told insurers to cover homes in risky areas—in exchange for passing on more costs

Insurers can incorporate reinsurance costs in their calculations for what they will charge consumers.

International Business Times

Devastating LA Fires Expected To Push Up Insurance Premiums

The fires ravaging upmarket Los Angeles districts Pacific Palisades and Malibu will be the most expensive ever to hit California, according to experts, who expect premiums to rise in a region already abandoned by many insurers.

The Independent UK

California bars insurers from dropping fire victims until 2026. What to know

As the Palisades and Eaton fires wreak havoc on Los Angeles, the state insurance commissioner is taking action to protect home insurance policy owners

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