State Farm, the largest insurance company in California, has requested permission to increase property insurance rates by an average of 22 percent due to the devastating wildfires that have ravaged Los Angeles, citing these fires as the “costliest in the history of the company.” The recent fires threaten State Farm’s finances and are forcing the company to seek relief from regulators.
Source: https://www.washingtonpost.com/weather/2025/02/03/state-farm-california-fires-property-insurance