State Farm General Insurance Co. said it needs the jolt of money to buoy its finances following years of losses and the fires that ravaged the Los Angeles area in January.

State Farm, California's largest property insurance provider, says it expects to pay out more than $7.5 billion in insurance claims after the Los Angeles wildfires.

John Ramos reports on the first day of the Oakland hearing on State Farm Insurance arguing for an emergency rate hike that will impact millions of Californians.