State Farm stops home insurance sales in California, citing wildfire risks | CNN Business

  • 📰 CNN
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 95%

Österreich Nachrichten Nachrichten

Österreich Neuesten Nachrichten,Österreich Schlagzeilen

State Farm is stopping new home insurance sales in California, citing wildfire risks and skyrocketing construction costs

The insurance giant stopped accepting applications for all business and personal lines property and casualty insurance in California on May 27. However, State Farm’s decision does not affect existing auto insurance. “State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market,” the company said in a statement.

While “insurance companies prioritize their short-term financial goals, the long-term goal of the Department of Insurance is protecting consumers,” California Department of Insurance spokesperson Michael Soller said. The factors behind State Farm’s move are beyond the agency’s control, Soller added. “It’s important to note that current State Farm customers are not affected, and no non-renewals are being issued as a result of this announcement,” Soller said.

Wir haben diese Nachrichten zusammengefasst, damit Sie sie schnell lesen können. Wenn Sie sich für die Nachrichten interessieren, können Sie den vollständigen Text hier lesen. Weiterlesen:

 /  🏆 4. in AT
 

Vielen Dank für Ihren Kommentar.Ihr Kommentar wird nach Prüfung veröffentlicht.

Österreich Neuesten Nachrichten, Österreich Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

State Farm will no longer insure new homes in California, company saysState Farm says it will no longer insure new homes and properties in California due to wildfires and rebuilding costs.
Herkunft: ABC7 - 🏆 67. / 68 Weiterlesen »