Wildfires

State Farm's "emergency" rate increase request was rejected by California's insurance commissioner.

Initial property losses from Eaton and Palisades fires estimated between $35 billion and $45 billion.

A $1 billion assessment announced Tuesday for California's FAIR Plan, the state-mandated insurer of last resort, is expected to drive up premiums as companies will likely pass some of the costs onto homeowners.

California's insurance commission plans to impose a $1 billion assessment on private insurers to shore up the FAIR Plan.

A bill would allow homeowners to receive the interest accrued on insurance payments for lost or damaged property, rather than lenders.

Travelers Cos. said it expects about $1.7 billion of pretax losses from the wildfires that devastated Los Angeles last month.

Before the wildfires, California decided to pass on reinsurance costs to policyholders. After the fires, California is considering catastrophe bonds to help shore up the state's insurer of last resort. A consumer advocate says these measures concentrate too much risk locally and do not improve home insurance availability.

Regulator says it will rule urgently; Consumer Watchdog says insurer must disclose more information to justify an increase.

(Bloomberg) --State Farm, the largest home insurer in California, is asking for an emergency rate hike from state regulators as it warns that multibillion-dollar payouts from the Los Angeles wildfires threaten its balance sheet and the broader insurance market.

Terms of home insurance policies and rising construction costs will affect how those who lost their homes in the Los Angeles wildfires can rebuild.