State Farm no longer offering home insurance in California

[Leroy N. Soetoro]

https://thehill.com/business/4023994-state-farm-no-longer-offering-home-
insurance-in-california/

State Farm will no longer offer home and property insurance to new
customers in California starting Saturday, the company said in a press
release.

The insurance company pointed to “historic increases in construction costs
outpacing inflation, rapidly growing catastrophe exposure, and a
challenging reinsurance market” for its decision, making particular note
of the risk posed by the state’s frequent wildfires.

“We take seriously our responsibility to manage risk,” State Farm said.
“We recognize the Governor’s administration, legislators, and the
California Department of Insurance (CDI) for their wildfire loss
mitigation efforts.

“However, it’s necessary to take these actions now to improve the
company’s financial strength,” it added.

State Farm said that it will continue to serve existing customers in the
state and that personal auto insurance would not be impacted.

There were 7,490 wildfires in California in 2022 that burned more than
360,000 acres, which Cal Fire described as a “quiet year.”

The year prior, wildfires burned more than 2.5 million acres in the state.


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[T]

On 5/29/23 17:07, Leroy N. Soetoro wrote:
> https://thehill.com/business/4023994-state-farm-no-longer-offering-home-
> insurance-in-california/
>
> State Farm will no longer offer home and property insurance to new
> customers in California starting Saturday, the company said in a press
> release.
>
> The insurance company pointed to “historic increases in construction costs
> outpacing inflation, rapidly growing catastrophe exposure, and a
> challenging reinsurance market” for its decision, making particular note
> of the risk posed by the state’s frequent wildfires.
>
> “We take seriously our responsibility to manage risk,” State Farm said.
> “We recognize the Governor’s administration, legislators, and the
> California Department of Insurance (CDI) for their wildfire loss
> mitigation efforts.
>
> “However, it’s necessary to take these actions now to improve the
> company’s financial strength,” it added.
>
> State Farm said that it will continue to serve existing customers in the
> state and that personal auto insurance would not be impacted.
>
> There were 7,490 wildfires in California in 2022 that burned more than
> 360,000 acres, which Cal Fire described as a “quiet year.”
>
> The year prior, wildfires burned more than 2.5 million acres in the state.

At first I was wondering why they did not just
raise their rates. Than I remember that their
re-insurers give then guidelines as to what
risks to take where and the CRP (California
Peoples' Republic) is at the top of the
re-insurers s*** list for the above states
reasons.

California use to be a nice place to live
before it became a one party state. Now
the CRP is actually losing population.