As State Farm and Allstate hit pause on writing new policies in California, Farmers says it won't pick up the pace.
California’s biggest seller of homeowners insurance says regulations and wildfires make new policies a financial loser. But there are reasons to question that explanation.
Farmers said that “record-breaking inflation, severe weather events and reconstruction costs continuing to climb” were behind its decision, in a statement from spokesperson Luis Sahagun. Although Farmers mentioned only inflation and severe weather, State Farm was more explicit when it announced its move, adding fire risk and the volatile reinsurance market — which has driven up costs for insurers to insure themselves in case of disasters — to its list of reasons to stop growing in the California market.
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