Re: State Farm no longer offering home insurance in California

On 5/29/23 17:07, Leroy N. Soetoro wrote:
> https://thehill.com/business/4023994-state-farm-no-longer-offering-home-
> insurance-in-california/
> 
> State Farm will no longer offer home and property insurance to new
> customers in California starting Saturday, the company said in a press
> release.
> 
> The insurance company pointed to “historic increases in construction costs
> outpacing inflation, rapidly growing catastrophe exposure, and a
> challenging reinsurance market” for its decision, making particular note
> of the risk posed by the state’s frequent wildfires.
> 
> “We take seriously our responsibility to manage risk,” State Farm said.
> “We recognize the Governor’s administration, legislators, and the
> California Department of Insurance (CDI) for their wildfire loss
> mitigation efforts.
> 
> “However, it’s necessary to take these actions now to improve the
> company’s financial strength,” it added.
> 
> State Farm said that it will continue to serve existing customers in the
> state and that personal auto insurance would not be impacted.
> 
> There were 7,490 wildfires in California in 2022 that burned more than
> 360,000 acres, which Cal Fire described as a “quiet year.”
> 
> The year prior, wildfires burned more than 2.5 million acres in the state.

At first I was wondering why they did not just
raise their rates.  Than I remember that their
re-insurers give then guidelines as to what
risks to take where and the CRP (California
Peoples' Republic) is at the top of the
re-insurers s*** list for the above states
reasons.

California use to be a nice place to live
before it became a one party state.  Now
the CRP is actually losing population.