Two insurance industry giants have pulled back from California's home insurance marketplace, saying that increasing wildfire risk and soaring construction costs have prompted them to stop writing new policies in the nation's most populous state.
FILE - A home burns as the Dixie fire jumps Highway 395 south of Janesville, Calif., Aug. 16, 2021. Two insurance industry giants have pulled out of the California marketplace, saying that wildfire risk and the soaring cost of construction prompted them to stop writing new policies in the nation's most populous state.
Allstate, another insurance powerhouse, announced in November it would pause new homeowners, condo and commercial insurance policies in California to protect current customers. Scientists say climate change has made the West warmer and drier over the last three decades and will continue to make weather more extreme and wildfires more frequent and destructive. In recent years, California has experienced the largest and most destructive fires in state history.
“We just don’t have a stable insurance market,” said state Sen. Bill Dodd, a Democrat from Napa, whose Northern California district has been charred by wildfires. “What’s happening is a lot of people in my district and frankly other districts are ... going naked — they have no insurance."
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