While not on the scale of the AllState and State Farms pull out, some 12,500 California homeowners are set to lose insurance coverage this Summer as two more companies announced their intent to stop offering California coverage. Tokio Marine America Insurance Co. and Trans Pacific Insurance Co. have filed notices of intent with California’s Department of Insurance to stop offering homeowners insurance and umbrella policies effective July 1.
“Given the small segment of personal lines business we write and escalating costs, we cannot sustainably support personal lines coverages and do not plan to return,” Tokio Marine Holdings said in an emailed statement to Bloomberg. “We remain committed to commercial lines in California—and across the country—and supporting our agents and customers with exceptional service through this transition.”
Last month, State Farm announcedthat it would cut 72,000 home and apartment policies in California. Seven of the 12 largest insurance groups in the Golden State have either paused or restricted new homeowner policies in the past year.
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