State Farm Quits California

  • State Farm General Insurance Company on Friday announced that it will stop accepting new homeowners insurance applications in California.
  • The company cited “rapidly growing” catastrophe risks like wildfires, “historic increases” in construction costs and a challenging reinsurance market.
  • “We take seriously our responsibility to manage risk,” the company said in a release.

State Farm to stop accepting homeowners insurance applications in California (cnbc.com)