Ricardo Lara News
CDI Announces Investigation of State Farm Wildfire Claims Handling
California Insurance Commissioner Ricardo Lara on Thursday announced a formal investigation into State Farm's handling of thousands of insurance claims from wildfire survivors affected by the ...
State Farm Stronger as Underwriting Losses Shrink—But Not in California
After reporting a $13 billion underwriting loss in 2022 and $14 billion in 2023, State Farm recorded another underwriting loss last year—but the total for 2024 was less than half of those prior ...
Insurance Commissioner Orders Advance Payments on Claims for LA Wildfire Survivors
California Insurance Commissioner Ricardo Lara is asking all California insurance companies to provide advance payments on claims for Los Angeles wildfire survivors. Lara's Jan. 23 order is designed ...
California Commissioner, Cal Poly Humboldt Working on Public Wildfire Model
California Insurance Commissioner Ricardo Lara and Cal Poly Humboldt plan to form a strategy group to undertake what Lara says will be the nation's first public wildfire catastrophe model. The plan ...
‘Don’t Rock the Boat,’ Brokers Advise California’s Homeowners in Crisis
A growing homeowners insurance crisis for Californians is straining brokers who must work harder to get increasingly expensive and more frequently unavailable coverage for their clients, a crisis ...
State Farm Seeks Large California Rate Hikes; CDI To Probe Financial State
State Farm has applied for large rate increases in California, a year after the carrier got rate approvals of 7 percent and 20 percent—adding fuel to a burning homeowners crisis in a state that's ...
Allstate Will Insure California Homes Again, Under One Condition
Allstate Corp. will end its years-long pause on underwriting in California as soon as the state regulator adopts proposed regulatory changes to make it easier for insurers to raise rates, according ...
No Sugarcoating: Availability Before Affordability, Calif. Regulator Says
If the old adage "As California goes, so goes the nation" is true, then 2024 will be another year of industry retooling as insurers and regulators set a path for the future of the U.S. P/C property ...