Case Law Analysis
Heavy Lies the Crown: Why California's Largest Home Insurer Hit Pause
State Farm is expected to maintain its leading market share in California even without writing new business, according to Fitch Ratings.
“This is temporary,” is the message from the California Department of Insurance (CDI) as it attempted to assuage policyholder fears following news that State Farm, the largest home insurer in California (and the U.S.), would stop accepting new home insurance applications in the state.
State Farm, which has 20% of the California home insurance market, reported its decision to stop seeking new business in California was driven by growing construction costs, increasing catastrophe exposure and a difficult reinsurance market.
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