Daily P&C Insurance Agent News
- June 26, 2026
- Tony Veteto
“`html
Daily Property & Casualty Insurance News
California updates for agents and the P&C insurance industry
California Market & Regulatory Developments
California insurance commissioner advances climate risk rating overhaul
California’s insurance commissioner is proposing new rules that would allow insurers to incorporate climate risk more fully into their pricing while tying those changes to availability and consumer protections.[3] The proposal aims to stabilize the property market by aligning rates with wildfire and catastrophe exposures, potentially reshaping underwriting and pricing strategies for carriers and agents statewide.[3]
Why California’s homeowners insurance market collapsed and how to fix it
This analysis details how wildfires, rising claims costs, and California’s regulatory price controls pushed major insurers to stop writing or severely limit new homeowners business in the state.[2] It explains how FAIR Plan assessments and reinsurance gaps are feeding higher premiums and proposes reforms to restore market capacity and long‑term stability.[2]
‘Tough decisions’ ahead as California grapples with property insurance crisis
California officials and insurers warn that the state’s property insurance crisis is far from resolved as they prepare for future climate‑driven disasters and ongoing market exits.[7] The article highlights looming choices around rate approvals, coverage mandates, and risk-sharing mechanisms that will directly affect carriers, agents, and policyholders.[7]
California insurance crisis: carriers cutting back or exiting homeowners market
A recent report lists the insurers that have either left California’s homeowners market or sharply reduced coverage, including Travelers’ decision not to renew thousands of policies across the state.[8] The piece underscores how cumulative carrier retrenchment is shifting more risks to the FAIR Plan and forcing agents to re‑shop coverage for many long‑time customers.[8]
State Farm, Allstate and AIG halt new California homeowners policies
This segment reports that State Farm, Allstate and AIG have stopped offering new homeowners policies in California, with AIG exiting the homeowners market entirely and State Farm pausing new personal and commercial P&C applications.[1] The companies cite historic increases in construction costs and growing wildfire risk, while regulators emphasize that existing customers can still renew coverage with these carriers.[1]
“`