Major Insurer Gives Harsh Ultimatum to Entire State of California

[rangerrebew]

Major Insurer Gives Harsh Ultimatum to Entire State of California
©Raysonho/Wikipedia Commons

A major insurer in California has given the entire state a stark wake-up call. The firm, State Farm General, just asked the Department of Insurance to let them raise residential insurance rates for millions of residents for the third time this year.   

The company claims it will pack up its business and move out of state if it can't extract more funds from Californians amid rising business costs and increasing claims caused by natural disasters.   

https://www.msn.com/en-us/money/insurance/major-insurer-gives-harsh-ultimatum-to-entire-state-of-california/ss-BB1pmkgK?ocid=msedgntp&pc=HCTS&cvid=6d520f4738b942beb7145a70fde34db8&ei=21#image=1

[Kamaji]

California will end up seizing their California business.

[PeteS in CA]

It's predictable that the ruling Dems in Sacto will condemn State farm as "greedy", ignoring the "... amid rising business costs and increasing claims caused by natural disasters ..." which to a significant degree are caused by Sacto's rulers.

[DB]

It's predictable that the ruling Dems in Sacto will condemn State farm as "greedy", ignoring the "... amid rising business costs and increasing claims caused by natural disasters ..." which to a significant degree are caused by Sacto's rulers.

The funny thing is it is complete logic fail to say insurance companies are leaving the state because they are "greedy"... They want nothing to do with you and somehow that makes them greedy by not doing business with you...

[DB]

California will end up seizing their California business.

California already has "California Fair Plan" laws. It forces all the insurance carriers who do business in California to be part of a pool for properties that they individually don't want to insure. With my California house I was forced to use California Fair Plan to get any homeowner's fire insurance at all. California is so mismanaged that no one wants to touch it if you don't live deep in the cities. It has become a major crisis. For many carriers, California isn't worth it and they simply leave.

[Free Vulcan]

Sounds like they don't have much to lose.

Suck it Cali.

[jafo2010]

Last I checked, we have a free market.  If California is no longer such that a company can provide a service and make money, I say leave town.  Frankly, California has been under Democommie control long enough it is time for the state to go down the drain in the swirl.  CA is an excellent example how totally incompetent politicians can f***up everything they touch, a truly Bidenesque state!!!

[GtHawk]

Last I checked, we have a free market.  If California is no longer such that a company can provide a service and make money, I say leave town.  Frankly, California has been under Democommie control long enough it is time for the state to go down the drain in the swirl.  CA is an excellent example how totally incompetent politicians can f***up everything they touch, a truly Bidenesque state!!!

California is a perfect example of a democrat dictatorship and what they want to do to all of America, just think what a Noisome presdency and Democrat super majority would do.....he'll we might miss the days of Dementia Joe.

[Kamaji]

California is a perfect example of a democrat dictatorship and what they want to do to all of America, just think what a Poisons presdency and Democrat super majority would do.....he'll we might miss the days of Dementia Joe.

Yup.

[LMAO]

California is a perfect example of a democrat dictatorship and what they want to do to all of America, just think what a Noisome presdency and Democrat super majority would do.....he'll we might miss the days of Dementia Joe.

Newsom is the quintessential progressive. A simplistic, childlike view of how the world works, and he’s going to get his way and how dare people pursue their own self interest over his worldview