In filings with the California Department of Insurance, Tokio Marine America Insurance Company and Trans Pacific Insurance Company said they would both withdraw from the homeowners and personal umbrella insurance markets in California. Both are subsidiaries of Tokio Marine Holdings Inc., a Japanese company.
Tag: California insurance crisis
California Insurance Commissioner Declares ‘Crisis’ After Major State Farm Announcement
California’s insurance commissioner Ricardo Lara spoke out after the state’s largest home insurance provider announced that it would discontinue coverage for tens of thousands of policies this summer.
Enrollment Spikes in California’s Home Insurer of Last Resort, Raising Concerns Over Its Sustainability
With home insurers scaling back coverage in the state, enrollment is surging in California’s backstop insurance plan — as is the plan’s risk of sustaining losses that it can’t cover.