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The Latest Breaking News from State Farm

Column: State Farm is right. California can’t keep building housing in high-risk places

Back in January, on a dark night of pelting rain, Erica Lopez Bedolla had only minutes to evacuate her family from the impoverished Central Valley town of Planada after a levee broke.

Los Angeles Times

California lets Allstate hike rates — but insurer still won’t write new home policies

Allstate has received California’s blessing to raise homeowner insurance premiums 4%, but the state’s fifth largest home insurer said it has no plans to reverse its decision last fall to stop writing new policies.

Tribune News Service

Can insurance come to our climate rescue?

California's fall from grace has been steep and swift, and now even the insurance companies are pulling out. The two biggest American home insurance companies, State Farm and Allstate, announced last week that they will stop selling insurance policies to Californians. Why? Climate change-related wildfires are making it too risky…

Bangkok Post

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Why insurance companies are pulling out of California and Florida, and how to fix some of the underlying problems

When the nation’s No. 1 and No. 4 property and casualty insurance companies – State Farm and Allstate – confirmed that they would stop issuing new home insurance policies in California, it may have been a shock but shouldn’t have been a surprise. It’s a trend Florida and other hurricane-…

The Conversation

Climate risks have made California uninsurable. When will we wake up?

State Farm will almost entirely stop issuing new policies in California – with climate-exacerbated wildfires and bad public policy a large reason why

The Guardian - US

Uninsurable America: Climate change hits the insurance industry

The threat of climate change-related disasters is a large factor driving up consumer costs and putting insurers out of business.

Axios

California insurance market rattled by withdrawal of major companies

Two insurance industry giants have stepped back from the California marketplace

The Independent UK

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California Regulations Prevent Insurers From Accurately Pricing Wildfire Risk, so Now They're Fleeing the State

California homeowners are finding out that government-imposed market distortions cannot be maintained forever.

Reason

Insurer cites "growing catastrophe exposure" as it stops new sales in California

7,490 wildfires razed 362,455 acres and killed nine people last year, per Cal Fire.

Axios

State Farm has stopped accepting homeowner insurance applications in California

The announcement is the latest development in what has been a years-long issue in California: insurance companies dropping homeowners because of the growing risk of wildfires.

WEKU

Insurance giant halts sale of new home policies in California due to wildfires

State Farm also cites inflation of construction costs in statement which comes after increasing wildfires in state

The Guardian - US

Scripps Signs State Farm as Title Sponsor of WNBA Games on Ion

First game airs Friday

Broadcasting & Cable

Car insurance prices soar in Illinois, Rep. Will Guzzardi aiming to crack down on insurers

Chicago rep wants to require getting prior state approval for rate hikes, ban “excessive” increases and outlaw consideration of gender, occupation and credit scores in car insurance pricing.

Chicago Sun-Times

Dealers still sell Hyundais and Kias vulnerable to theft, but insurance is hard to get

Some insurance companies have stopped issuing new policies for models that are subject to a high rate of thefts, but consumers are still able to buy the cars.

WEKU

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Tribune News Service

Who says Florida property insurers aren’t taking new customers? See whether yours added or subtracted policies

Apparently not all Florida-regulated property insurance companies are too financially troubled to take on new customers.

Tribune News Service

Historic rain and flooding results in 820 auto insurance claims in Florida so far — and that’s just one company

Auto insurance claims are already being reported by South Florida residents whose vehicles were inundated by this week’s historic flooding.

The Denver Post

Thefts of Kias, Hyundais in Colorado chase away auto insurance companies

With car thefts spiking in Colorado the past few years, three auto insurance carriers are now declining to cover certain vehicles, leaving at-risk owners with fewer options.

Tribune News Service

Was the solution to Florida’s insurance crisis found 15 years ago?

TALLAHASSEE, Florida — Florida’s property insurance market was in freefall in 2006 after a series of hurricanes. Premiums were rising. Insurers were going out of business or threatening to leave the state.

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Los Angeles Times

Californians are in for another bill increase: car insurance

Some California drivers will be getting a nasty surprise when they open their car insurance bills this year.

StockNews.com

3 Standout Stocks With Major Growth Potential in 2023

The Fed’s downshift on tightening in response to the continued decline in inflation and growing odds of the economy achieving a soft landing could help growth stocks rebound strongly this year. Amid improving investor sentiment, it could be wise to invest in fundamentally sound stocks Salesforce (CRM), ADT Inc. (ADT),…

StockNews.com

4 Must-Watch Growth Stocks in 2023

With inflation falling for the sixth consecutive month in December, Fed Chair Powell believes that the disinflationary process has begun. With indications that the Fed might stop rate increases before the target range, investors could look to add fundamentally strong growth stocks ADT Inc. (ADT), Rambus (RMBS), The ODP Corporation…

Chicago Sun-Times

State Farm, Progressive deny new policies to Kia, Hyundai owners amid rise in thefts

Chicago is one of the cities that has seen a spike in thefts. The Sheriff’s Department has said that videos on TikTok and YouTube show thieves how to start the cars without keys.

Chicago Sun-Times

‘Jake from State Farm’ amused by ‘SNL’ spoof with Michael B. Jordan

The fake ad showing Jake breaking up a marriage ‘had us howling,’ insurance company tweets.

St. Louis Post-Dispatch

Major insurance companies halt new policies for Kias, Hyundais amid St. Louis-area theft surge

ST. LOUIS — Two major insurance companies have refused to issue new policies on some Kias and Hyundais in the St. Louis region as theft rates of those vehicles remain high following last year's surge.

StockNews.com

1 Security Stock That's Well Positioned for 2023

Since its partnership with State Farm, ADT Inc. (ADT), headquartered in Boca Raton, Florida, seems to have switched gears. We look at the factors that promise to make this turnaround, characterized not in the least by its return to profitability, enduring even in the treacherous macroeconomic terrain of 2023. Read…

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