State Farm’s finances were a worry even before L.A. fires. Here’s what we know about its ability to pay claims going forward
Months before the Los Angeles wildfires sparked, State Farm’s California arm was already in trouble, it told state regulators. Its policyholder surplus — the cash it has on hand to pay out claims — had dropped from more than $4 billion in 2016 down to just $1.
insurancebusinessmag2d
State Farm pays out nearly $500 million in California wildfire claims
State Farm said that it has paid out close to $500 million in claims following the wildfires that have ravaged the Los Angeles region. As of Jan. 27, the company has processed a total of 10,100 claims for home and auto damage resulting from the fires.
Thousands of Los Angeles homeowners were dropped by their insurers before the Palisades Fire
About 1,600 policies for Pacific Palisades homeowners were dropped by State Farm in July, the state insurance office says.
Insurancenewsnet.com13d
State Farm giving LA homeowners an option to renew coverage
State Farm is giving some California homeowners an option to renew coverage that previously had been cancelled.
State Farm axes Super Bowl spot, citing focus on ongoing Los Angeles wildfires
Insurance company State Farm has canceled plans to air a spot during Super Bowl 59, citing the ongoing fires in Los Angeles as the company’s primary focus.
The Hill13d
State Farm cancels Super Bowl ad over California wildfires
Insurance giant State Farm has canceled a ... over the raging wildfires in California. “Our focus is firmly on providing support to the people of Los Angeles. We will not be advertising during ...
Daily Mail13d
State Farm makes major insurance policy U-turn after devastating LA fires... but it will not benefit everyone
In a major U-turn, the company said it would renew policies in the badly-hit Pacific Palisades neighborhood, alongside thousands more in Los Angeles county ... year, State Farm gave California ...
LA Daily News on MSN7d
Why all California homeowners could be on the hook for LA County wildfire costs
Insurance providers could charge policyholders a “supplemental fee” if the state’s insurer of last resort runs out of money.
A new strain of bird flu is found on a California duck farm
A new strain of H5N9 bird flu was detected at a commercial duck operation in California's Merced County. All the ducks were euthanized.
California farms fail as land values plunge amid groundwater crisis
With aquifers nationwide in dangerous decline, an estimated 500,000 acres of farmland may be taken out of cultivation by 2040
Insurance Insider13h
State Farm blows through reinsurance cover with ~$8bn LA wildfire loss
Sources told this publication that the mutual is facing a loss totalling around $7.91bn from the fires, and it is understood that State Farm benefits from around $2.5bn-$4bn of reinsurance cover specifically for Californian risks above an attachment point of $1.5bn.
Comedian Rob Schneider blasts insurance giant State Farm and all its ‘phony commercials’ for canceling policies in California amid LA area wildfires — but here's what he ...
F# K You ⁦@statefarm⁩ Screw You And All Your Phoney Commercials!! You Are A Pile Of Crap For Canceling Insurance Policies Of Californians! I Will Never Use @statefarm Insur