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Why are insurers fleeing California?
Tangle
The Left-Est Sandwich: California's Insurance Regulations, Not Climate Change
The Wall Street Journal editorial board said the culprit isn't climate change as the media claims and parroting Sacramento talking points. State Farm can't accurately price and increase its rates to cover ballooning liabilities, they wrote. Other property and casualty insurers, including AIG and SHUB, have also been shrinking their California footprint after years of catastrophic wildfires. Wildfires in 2017 and 2018 wiped out two times the underwriting profits that insurers had accrued over the prior 26 years,. The state insurance commissioner won't let insurers raise premiums to account for more risk.
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