State Farm has received more than 8,700 claims from the Los Angeles fires alone and paid more than $1 billion to customers, according to the company. The insurer expects to pay out significantly more, and the fires will be the costliest in the history of State Farm, the company said.

Citing the "dire" financial situation they're facing after the Los Angeles wildfires, State Farm General has asked California officials for an emergency interim rate increase. The rate hike could work out to an average increase of 22% for California homeowners, State Farm General revealed Monday.

While other business factors also came into play, Tesla likely lost business in California as a result of the role Elon Musk played in the U.S. election.

Tesla’s (TSLA) electric vehicle registrations in California declined by about 12% last year, according to industry data. This downward trend is

Tesla's electric-vehicle registrations in California fell about 12% last year, according to industry data, indicating mounting challenges for the automaker in the key U.S. market. While high interest rates,