(Justin Sullivan / Getty Images)
When State Farm announced in May that the company would stop writing new homeowners insurance policies in California, it issued a two-paragraph statement by way of explanation.It listed "historic increases in construction costs," "rapidly growing catastrophe exposure, and a challenging reinsurance market" as the culprits, adding that it needed to take this action to "improve the company's financial strength."
When State Farm announced in May that the company would stop writing new homeowners insurance policies in California, it issued a two-paragraph statement by way of explanation.It listed "historic increases in construction costs," "rapidly growing catastrophe exposure, and a challenging reinsurance market" as the culprits, adding that it needed to take this action to "improve the company's financial strength."
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