State Farm seeks enormous rate increases in California to prevent insolvency

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For the last year, State Farm has not written new policies in California, and it has not renewed tens of thousands of existing policies. “Financially speaking, State Farm is very, very much apparently in trouble. And I think that their request for rate increases will be met with a lot of frustration by consumers because the last thing anybody wants is to be paying more money right now,” said Karl Susman, an insurance broker.

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