California Insurance Commissioner Ricardo Lara provisionally approved State Farm’s request for a 22% property insurance rate hike, citing a need to stabilize the insurance market. Lara said State Farm must justify its provisionally approved rates with data it provides in a public hearing.

California Insurance Commissioner Ricardo Lara said he plans to approve a 22% emergency rate increase for State Farm policyholders, pending a public hearing next month, in a move aimed at stabilizing the state’s insurance market after the Los Angeles area’s devastating wildfires.

California’s insurance commissioner said his approval was conditioned on State Farm justifying its need for the increase by bringing data to a public hearing on April 8.