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Non Renewals

All articles tagged with #non renewals

insurance1 year ago•1 min saved

State Farm's Decision: Dropping 72,000 Home Insurance Policies in California

State Farm, the leading insurer in California, is set to stop renewing approximately 72,000 homeowners, renters, and commercial property insurance policies over the next year, with a focus on high fire danger areas. The company's decision is attributed to financial strain from wildfire damage payouts and a significant drop in available capital. State regulators and lawmakers are expressing concern and considering changes to stabilize the insurance market and address the impact of wildfires and climate change on insurance calculations.

via KRON4|

#california #homeowners-insurance #insurance

insurance1 year ago•1 min saved

State Farm's Decision: Non-Renewal of 72,000 California Policies

State Farm General Insurance Company plans to non-renew 72,000 policies in California, including 30,000 property insurance and 42,000 commercial apartment policies, citing the need for long-term sustainability due to financial challenges such as inflation and reinsurance costs. The company's decision to withdraw from the commercial apartment market in California and non-renew certain property insurance policies is a response to the state's insurance regulations and its efforts to establish an environment where insurance rates better align with risk. This move follows State Farm's previous decision to stop accepting new insurance applications for all business and personal property in California, with other companies like Allstate also making similar announcements.

via KTLA Los Angeles|

#california #insurance #insurance-regulations