Tag: market impact

State Farm 2025 California Auto Insurance Rate Hike Affecting Millions

Angela Linders
State Farm 2025 California Auto Insurance Rate

State Farm, California’s largest auto insurer, has received approval to increase its auto insurance rates beginning in January 2025. This marks the second consecutive year of double-digit rate hikes for the company, following a 21% increase implemented earlier this year. The upcoming adjustment, averaging 17.7%, will affect approximately 4 million policyholders across the state. The increase aligns with broader trends in the auto insurance industry, both in California and nationwide, as companies grapple with rising claims, vehicle repair costs, and inflationary pressures. Factors Driving State Farm Auto Insurance Rate Hike…

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Insurance Exodus Update: Why Iowa is Losing Its Insurers Now

G. Turner
Insurance Exodus - Iowa

The recent departure of multiple insurance companies from Iowa’s homeowners’ market has sent shockwaves through the state. The New York Times reported that insurers are pulling out due to severe financial losses driven by unprecedented weather patterns. This move raises significant concerns for homeowners and demands a closer look at what has led to this exodus. The Insurance Turmoil Caused by Climate Change The insurance turmoil caused by climate change — which had been concentrated in Florida, California, and Louisiana — is fast becoming a contagion, spreading to states such…

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