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 insurance in California, citing rising construction costs and its “rapidly growing catastrophe exposure.” Seen here, a property burns during the LNU Lightning Complex Fire in Pope Valley, Calif., Aug.
Michael Soller, spokesperson for California’s Department of Insurance, said Friday evening via email that the policy change by State Farm was among factors “beyond our control, including climate change, reinsurance costs affecting the entire insurance industry, and global inflation.”
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