California approves State Farm's request for double-digit insurance rate hike

1. California approved State Farm's 17% increase in homeowners insurance rates. 2. State Farm received $400 million from its parent company for solvency. 3. S&P Global downgraded State Farm's credit rating due to financial deterioration. 4. The insurance crisis affects millions of Californians, escalating market concerns. 5. Non-renewal programs are paused until the end of 2025.