Liberty Mutual Fire Insurance Company has decided to stop renewing policies for about 17,000 California dwellings due to "antiquated" technology, not losses.
The company stated that it is not feasible to create a new system for managing fire insurance in California, emphasizing a shift based on technology over market performance.
The current fire season has led to significant destruction, with nearly 3,000 structure fires and major incidents like the Park Fire, which consumed 429,000 acres.
Despite the decision, Liberty Mutual will continue offering fire insurance through its Safeco brand, indicating that not all policyholders will be affected.
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