Another Insurer to Say Goodbye to California

American National Group doesn’t come close to insuring the number of homes in California insured by State Farm, Farmers, Allstate and the other large insurers leaving the state’s homeowners market.

It does, however, have 36,475 homeowners on the books and generated $37.9 million in revenue last year.

American National Group is leaving California. It is also dropping coverage in the PIA Western Alliance state of Washington and Arkansas, Colorado, Louisiana, Minnesota, Oklahoma, South Carolina and South Dakota.

A company spokesman said non-renewal notices will be going out in August.

“This action is driven by significant and persistent profitability issues in the homeowners insurance market,” the spokesman said and noted “Inflationary pressures driving up costs, increasing claims frequency, and competitive market conditions” are other reasons the company decided to drop homeowners insurance in California.

State Farm, Allstate and Farmers write 40% of the state’s homeowners insurance policies and that crunch has led to over 1,000 applications a day to the state’s insurer of last resort, the FAIR Plan.

By the way, these are the last statistics on homeowner insurance sales in California and came from the California Department of Insurance in 2021.

1. State Farm

Written premium: $7,067,949,481

Market share: 8.3394%

2. Farmers

Written premium: $6,668,068,539

Market share: 7.8676%

3. Berkshire Hathaway (GEICO)

Written premium: $5,419,648,394

Market share: 6.3946

4. Allstate

Written premium: $4,398,811,627

Market share: 5.1901

5. Liberty Mutual

Written premium: $3,614,646,145

Market share: 4.2649

6. Auto Club Express

Written premium: $3,448,202,029

Market share: 4.0685

7. Travelers

Written premium: $3,425,369,957

Market share: 4.0416

8. Mercury

Written premium: $3,272,110,832

Market share: 3.8607

9. CSAA        

Written premium: $3,013,272,768

Market share: 3.5553

10. Chubb

Written premium: $2,999,556,768

Market share: 3.5392

11. Progressive

12. Kemper

13. United Service Automobile Association

14. Nationwide

15. Hartford Fire & Casualty

16. Zurich

17. AIG

18. CNA

19. State Compensation Insurance Fund

20. Tokio Marine

Source link: Insurance Business America —

About PIA Western Alliance

The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.


More Industry News