State Farm tells Lara that it “does not make sense” to situation new insurance policies in California

California’s largest property insurer, State Farm Basic, warned that it might not resume the writing of latest insurance policies within the state, not even when regulators approve the proposed 22% fee hike. The assertion, delivered in a letter to Ricardo Lara, the state’s insurance coverage commissioner, underlines the rising disaster within the California owners insurance coverage market, whereas insurers withdraw in response to rising wildfire -related losses and regulatory restrictions.