California’s insurance industry has been struggling for more than a year. State Farm and Allstate announced they would continue doing business with existing customers but wouldn’t write any new policies. Farmers Insurance said they would cap the number of new policies they would write per month. Several smaller insurers just left the state entirely.
Now California’s Insurance Commissioner, Ricardo Lara, says he has a plan that will fix the problem.
“With the reforms that we’re proposing, I’m very confident that we’re going to see some real change coming mid-2025,” Lara told ABC10’s Alex Bell, of To the Point. “We’re going to see that California is back open for business. We’re going to see insurers coming back to California.”…
His strategy aims to entice insurance companies to return to writing fully in California once again by giving them several things they’ve…
