State Farm Gets 'Provisional' Approval For 22% Rate Hike In California [zero hedge]
ZURICH INS GROUP S/ADR (ZURVY)
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Source: zero hedge
State Farm Gets 'Provisional' Approval For 22% Rate Hike In California While Gavin Newsom gallavants around the pod-o-sphere trying to reinvent himself as a moderate Democrat, residents of his woefully mismanaged state have 'enjoyed' watching their home insurance rates skyrocket, or have it dropped altogether - as companies are abandoning the state left and right over financial struggles stemming from wildfires and other peril. To that end, California Insurance Commissioner Ricardo Lara announced on Friday that he has "provisionally" allowed State Farm to hike rates by 22%, CBS New s reports. Lara described the not-yet-final emergency rate increase as a necessary measure given "unprecedented times" in a statement, saying the in
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