State Farm, the largest home insurer in California, is asking for an emergency rate hike from state regulators as it warns that multibillion-dollar payouts from the Los Angeles wildfires threaten its balance sheet and the broader insurance market.

State Farm wrote in a letter on Monday that the recent fires in Los Angeles threaten its finances and are “the costliest in the history of the company.”

For the second time in the past six months, State Farm insurance executives, on Monday, requested an emergency rate hike, this time of up to 22%. This comes on the heals of $1B in payouts due to the LA area fires.