State Farm asked California on Monday if it could hike home insurance rates in the state by an average of 22% to address what it has claimed was a potentially “dire situation” related to payouts from the devastating Los Angeles-area wildfires The insurer claimed that it has paid out more than $1 billion to California policyholders affected by the wildfires after receiving nearly 9,

State Farm General, California’s largest insurance provider, has requested an emergency interim rate hike averaging 22% for homeowners from state officials on Monday, citing a “dire” financial situation after destructive Los Angeles wildfires last month.