(The Center Square) – State Farm, California’s largest property insurer, is demanding a 22% emergency rate hike after the Southern California fires, saying that over the last years it has paid out $1.26 in claims for every dollar in premiums it has collected. Since the passage of Prop. 103 in 1988, state regulators have had to approve any rate hikes, which has led to rates not keeping up with rising claims and risks. State Farm says that as a result, it has lost $5 billion over the last nine years in California, and that it had no option but…..