The Insurer Exodus Continues in California

Two more insurance companies are exiting California’s homeowners market. The two insurers are Tokio Marine America and Trans Pacific Insurance. Both belong to Japan’s Tokio Marine Holdings. The 12,556 policies bring in revenue of $11.3 million.

No reason was given. However, most insurers leaving California cite wildfire and natural disaster risks.

The Tokio Marine America and Trans Pacific moves comes on the heels of State Farm deciding to cut 72,000 policies in July. That decision came nine months after State Farm said it will no longer write new policies in the Golden State.

Source link: Insurance Journal — https://bit.ly/3xNfVLD