Opinion: Ricardo Lara: Climate change and the impact on insurance markets
Insurance regulators across the nation are dealing with the impacts of climate change-intensified natural disasters on consumers and communities.
Allstate informed the Department last year that it paused new business in California in some lines, which industry trade press reported last November. As State Farm itself said, its decision temporarily pausing new homeowners’ business in our state was driven by its catastrophic exposure, rising reinsurance costs affecting the entire industry, and global inflation. Data bears this out: State Farm’s market share in California increased sharply following major wildfires in 2017, covering more than 1/5 of the state’s overall homeowners’ market.
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