Allstate Insurance has targeted California in its latest effort to shed some of its catastrophe exposure following record disaster losses in 2004 and 2005, announcing it will not write new property insurance policies in the state.
Industry and regulatory officials in the state said the market will pick up whatever slack comes from the move, and they do not predict any Florida-like shortages that have overloaded that state's property insurer of last resort.
California Insurance Commissioner Steve Poizner termed Allstate's decision “shortsighted” and ordered the carrier to prove it is not charging excessive rates.
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