, I noted State Farm was no longer accepting applications for new homeowner insurance policies in California. The largest home insurance company has just announced it will discontinue coverage for 72,000 homes and apartment policies in the state starting this summer.
“State Farm General takes seriously our responsibility to maintain adequate claims-paying capacity for our customers and to comply with applicable financial solvency laws. It is necessary to take these actions now,” it continued.“This is a real crisis,” Commissioner Lara told KABC in an interview Friday.
Lara is spearheading an effort to enact the largest insurance reform in more than 30 years in California. He has proposed new regulations intended to change the models that insurance companies use to assess risk from catastrophes like wildfires or earthquakes, which he claims will stabilize premium costs and expand coverage.
“We grew another $10 billion in exposure in January and another $15 billion in February,” Roach told lawmakers. “So the numbers just continue to climb, which is a concern — as those numbers climb, our financial stability comes more in question and we come closer to an assessment of the market should we, knock on wood, have a catastrophe.”
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