Los Angeles Times
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Insurance giant State Farm is no longer accepting new applications for business or personal property coverage in California.
“We take seriously our responsibility to manage risk,” the company said in a statement posted to its website Friday. “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.”
Automobile insurance is not affected by the change, which took effect Saturday.
The company was the state’s largest provider of property and casualty insurance as of 2021, the most recent year for which data are available from the California Department of Insurance.
“While insurance companies prioritize their short-term financial goals, the long-term goal of the Department of Insurance is protecting consumers,” said Michael Soller, deputy insurance commissioner and spokesman. “The factors driving State Farm’s decision are beyond our control, including climate change, reinsurance costs affecting the entire insurance industry and global inflation.”