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.
A spokesperson for Liberty Mutual also told Reuters in an emailed statement that the company "will not renew its current book of this line of business beginning in December."
BOP is an insurance product usually required by business owners that bundles all major property and liability risks into a single package. Global insurers are seeing an erosion in their profitability as they struggle to price the heightened catastrophe risk into premiums amid an environment already fraught with high inflation and regulatory hurdles.
Liberty Mutual joins a growing list of major insurers retreating from California. In May this year, State FarmThe continued retreat of larger insurance carriers from the California residential property insurance market, signals ongoing regulatory constraints, rising cost inflation and higher catastrophe losses, credit rating agency Fitch said in a note earlier this year.Our Standards:
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Dustin Poirier Praises Justin Gaethje Ahead Of BMF Fight, 'Mutual Respect'Don't expect insults, expletives and antics before Dustin Poirier and Justin Gaethje get in the Octagon at UFC 291.
Consulte Mais informação »
Breanna Stewart breaks another record as ‘efficient’ Liberty defeat Dream againBreanna Stewart and the Liberty could be doing this in their sleep, as the star scored 33 points to secure their eighth victory in 10 games.
Consulte Mais informação »
Lake County man sets fire to property after being firedA Lake County man was charged for setting fire to a business he was fired from in unincorporated Antioch Tuesday.
Consulte Mais informação »
Transparent Utah | Property Values
Consulte Mais informação »
Rapper Snoop Dogg donates to 93-year-old woman fighting for her historic propertyA 93-year-old Hilton Head Island woman is locked in a legal battle over land that's been in her family for decades and celebrities are joining the cause.
Consulte Mais informação »
Body discovered on Arizona State Capitol property near 12th Avenue and Washington StreetDPS is investigating after a person was found dead on Arizona State Capitol property near 12th Avenue and Washington Street in Phoenix this morning.
Consulte Mais informação »