California Property Insurance Crisis Deepens

Insurance Companies Retreat from California Amid Wildfire Crisis

In a significant development that underscores the deepening insurance crisis in California, AllState joined the ranks of insurers halting the sale of new home insurance policies in 2022, citing the detrimental impacts of wildfires and the mounting costs of operations in the Golden State. The situation has escalated further as Tokio Marine America Insurance Co. and Trans Pacific Insurance Co., subsidiaries of Tokio Marine Holdings Inc., declared their withdrawal from California's homeowner insurance market, impacting over 12,500 policyholders.