State Farm won't sell new home insurance in California. Can the state shore up the market?

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Wildfires and expensive rebuilding wiped out profits among California home insurers. StateFarm isn’t the first insurer to retreat from the state, and may not be the last. 📝: FromBenC + GraceGedye

, American International Group let thousands of customers know their home insurance policies would not be renewed, and Chubb, a high-end insurer, said it would continue to non-renew some of its customers.

“State Farm sort of publicly said what they were doing, but I think for the last few years, we’ve all seen insurers restricting and pulling back their business in California,” said Seren Taylor, vice president of Personal Insurance Federation of California, an industry trade group that counts State Farm as a member.

 

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