The company cited rising construction costs and its “rapidly growing catastrophe exposure.”
State Farm said Friday, May 26, that it will stop accepting new applications for personal and business property and casualty insurance in California, citing rising construction costs and its “rapidly growing catastrophe exposure.”. The change does not apply to personal auto insurance or existing home insurance policies in the state.In a statement, the company said it would work with the California Department of Insurance to restore market capacity in the state.
State Farm holds the largest share of property insurance policies in the U.S., controlling about 9% of the market and writing at least $70 billion in premiums.across the state in the wake of devastating wildfires.
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