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State Farm General has asked California regulators for an emergency rate increase. -
The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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Citizens approved an average 8.6% rate hike and decreases for one-fifth of policyholders.
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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The company says the recent wildfires will be the costliest in its history.
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Standards and guidelines address institutional investors’ concerns over valuation risks.
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Homeowners’ insurance rates have spiked almost 60% since 2018.
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The bodies said that tapping into the cat bond markets was a possibility.
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The regulations are part of a state effort to expand wildfire coverage.
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The UK Local Government Pension Scheme (LGPS) has around £391bn in AuM.
