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: carrier exits
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.
Why Are Insurance Companies Laying People Off?
Major players like Farmers and GEICO are cutting back their workforce by 11% and 6%, respectively. What’s going on? The headlines alone might evoke a sense of dread, but a deeper look into the pressures driving the cutbacks reveals the potential for emerging opportunities.