Crypto News: State Farm seeks urgent rate hike for LA fire payouts

State Farm, the largest home insurer in California, is asking state regulators for an emergency rate hike averaging 22% in the aftermath of last month's wildfires in Los Angeles. Payouts have already topped $1 billion and are expected to rise further, putting "very significant pressure" on State Farm's financial strength and ability to pay claims, the insurer said — though at least one watchdog organization is calling for data to back up the company's dire predictions.

The deadly blazes destroyed more than 11,000 homes, and so far insurance companies have spent $4.2 billion paying out less than half of all claims filed. Even as California leaders are pushing to fast-track LA's rebuilding, the question of whether there is adequate funding remains a key concern as major insurers continue to pull back coverage in the state. Read more from Eliyahu Kamisher today on CityLab: State Farm Seeks Emergency California Rate Hike After Fires

— Linda Poon

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What we're reading

What kind of Los Angeles will rise from the fires? (New York Times)
Should 'aiding' or 'abetting' a homeless camp be illegal? It might soon be a reality in this Bay Area city (Cal Matters)
NYC is in store for an LA-level housing loss calamity in floods, report predicts (The City)
'The last drops of our water': how a mine left some of Peru's poorest high and dry (Guardian)
Are we thinking about gun violence all wrong? (Atlantic)