An increasing number of insurance companies have made the decision to stop insuring homes in wildfire-prone California.
Two more insurers are pulling out of California's troubled homeowners insurance market, straining a marketplace that already has seen the pullback of several other companies that have cited increase costs related to wildfire risks. Tokio Marine America Insurance Co. and Trans Pacific Insurance Co. submitted filings to the California Department of Insurance stating they will not renew 12,556 homeowners policies with a premium value of $11.3 million starting July 1.
In deciding to pull out of the so-called personal lines market, Tokio Marine cited as its reason that its 'technology supporting the personal lines business is at the end of its useful life. Due to the small size of our personal lines book and the undue financial burden of the cost to update necessary automation, we are unable to continue supporting our personal lines operation,' the company said in filings with the Department of Insurance.
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