As of October 1st of this year, Liberty Mutual will no longer be offering business owners’ policies in California. Inflation and high, and unacceptable, catastrophe losses are the reason for leaving the BOP market.
Liberty Mutual isn’t alone. Insurers all over the country are struggling to price their products amid high inflation and regulations that are stultifying.
A spokesperson said the company also will not renew any current BOP policies after December 1st of this year.
“We regularly assess our position in every market to ensure we are delivering competitive, innovative products that meet our customer needs while achieving our business goals,” the spokesperson said. “Sometimes that results in a determination that a product is no longer effectively delivering on those aspirations, and we must retire that line.”
That said, Liberty Mutual will continue to sell commercial insurance in California.
“We remain committed to the commercial insurance market in California and continue to offer other insurance products for small businesses throughout the state,” the spokesperson added.
Liberty Mutual handles less than 1% of the overall multi-peril insurance in California.
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