"We paused new homeowners, condo and commercial insurance policies in California last year so we can continue to protect current customers," Allstate told CBS News in a statement Friday. It earned $4.3 billion in premiums that year and incurred $2.6 billion in losses. Allstate was the fourth-largest insurer in California, according to the most recent 2021 state data.
Could other insurers follow suit? 04:47Īllstate, one of the nation's largest insurance companies, has joined State Farm in deciding to halt sales of property and casualty coverage to new customers in California, saying it's too pricey to underwrite policies in the state which has seen thousands of natural disasters in recent years.Īllstate quietly stopped issuing new policies in California months ago, but didn't announce the move until Friday. State Farm stops selling home insurance in California.
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