In recent developments that underscore the growing impact of climate change on real estate and insurance industries, several major insurance providers have begun withdrawing from California, citing unprecedented wildfire risks.
Tag: California
The Impact of California’s SB 553 on the Insurance Industry
California’s SB553, a new workplace violence prevention law, is fundamentally changing the requirements for businesses across the state. Effective July 1, 2024, this law mandates that nearly all businesses implement comprehensive workplace violence prevention plans.
Liberty Mutual to Stop Offering its BOP in California
Property and casualty insurer Liberty Mutual will stop offering its business owner’s policy (BOP) product in wildfire-prone state California from Oct. 1, in a sign that cost inflation and higher catastrophe losses are pounding insurers’ profits.
Allstate Stops Accepting New Property Insurance Applications in California
Almost a week after State Farm, California’s largest property insurer, announced that the company would stop accepting insurance applications for all business and personal property in California, Allstate is making headlines for a similar decision.
California’s Winter Storms Bring Billions in Damages
Severe weather and flooding in California since Dec. 26, 2022, has led to $5 billion to $7 billion in damages, according to a Moody’s report from late January.