"We take seriously our responsibility to manage risk. We recognize the governor's administration, legislators, and the CDI (California Department of Insurance) for their wildfire loss mitigation efforts. We pledge to work constructively with the CDI and policymakers to help build market capacity in California," the company stated in a release. (Credit: Diego M. Radzinschi/ALM)
State Farm General Insurance Company, the home insurance arm for State Farm in California, is no longer accepting new applications including "all business and personal lines property and casualty insurance," the company reported. The change took effect May 27, 2023, and does not affect personal auto insurance.
Growing construction costs, which are outpacing general inflation, increasing catastrophe exposure and a difficult reinsurance market were the impetus for the move, according to the company.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
