Insurance Commissioner Ricardo Lara’s unprecedented approval for State Farm in the wake of January’s ruinous fires in the Los Angeles area means the company can raise premiums in California next month.
Levi Sumagaysay / CalMatters
Posted inBusiness & Technology
State Farm moves one step closer to emergency California rate hike
After a three day hearing this week, State Farm is one step closer to approval for a rate hike on its California customers.
Posted inBusiness & Technology
State Farm begins first-of-its-kind insurance rate hearing today
From CalMatters economy reporter Levi Sumagaysay: State Farm will try to justify its need to raise property insurance rates — stat — at an unprecedented public rate hearing starting today. Rate hearings are rare and usually scheduled months in advance. This one’s different because California Insurance Commissioner Ricardo Lara called it hastily about a month […]
Posted inPolitics & Policy
California lawmakers propose fixes for ‘insurance industry in shambles’
From pushing for oversight of the FAIR Plan to providing tax breaks for premiums, California lawmakers have put forward a number of bills to try to fix insurance market problems.
Posted inLatest News
Big homeowners insurance rate hike from State Farm shot down by California regulator
In the wake of the Los Angeles fires, State Farm asked for an “emergency” premium increase of 22% on average for California homeowners. On Friday, California Insurance Commissioner Ricardo Lara denied the request pending more information.
Posted inPolitics & Policy
California’s $20 billion unemployment debt is looking like a political hot potato
The legislative analyst has a plan to fix the “structural insolvency” of the unemployment benefits fund — but businesses aren’t happy and it’s unclear if lawmakers will get on board.
Posted inPolitics & Policy
Trump’s deportations could cost California ‘hundreds of billions of dollars.’ Here’s how
Some sectors of California’s economy, like agriculture, would be hit directly by mass deportations Donald Trump promised during his campaign for president. Many more could feel the ripple effects.
Posted inBusiness & Technology
Trump’s proposed tariffs, especially on China and Mexico, could hit California hard
Donald Trump has threatened new, higher tariffs on two of California’s biggest trade partners, China and Mexico. The state’s workers and economy could feel the most impact.
Posted inLatest News
A mystery surge in California tax revenue points to tech companies like Nvidia. Here’s why
California was nearly $2 billion over forecast in corporate tax receipts this summer, including a single $800 million payment in July. A tax change meant to help the budget deficit helped drive the surge.
Posted inBusiness & Technology
California companies wrote their own gig worker law. Now no one is enforcing it
Proposition 22 promised improved pay and benefits for California gig workers. But when companies fail to deliver, the state isn’t doing much to help push back.