State Farm seeks emergency 22% rate hike in California after LA wildfires

State's largest home insurer, which has paid customers over $1bn, claims fires put firm under increased financial strain

State Farm General, California's largest home insurer, is seeking an emergency rate increase for homeowners following the Los Angeles wildfires last month. If approved, the hike would average a 22% increase for policyholders.

The insurance giant claims that the fires have put the company under increased financial strain. The company has already received at least 8,700 claims and paid more than $1bn to customers and expects to pay out significantly more", according to a press release.