California regulators approved rate hikes for 660,000 customers across two major insurers due to the increasing costs from natural disasters like wildfires, with insurers emphasizing the necessity to address these higher expenses arising from more frequent and severe catastrophes.

Regulators have given two major insurers the OK to begin raising rates for 660,000 customers starting later this year. Mercury General, the fifth largest home insurer in the state, will begin raising rates in late March for its 579,