Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by <a href="https://www.factset.com/">Factset</a>. Powered and implemented by <a href="https://www.factset.com/solutions/business-needs/digital-solutions">FactSet Digital Solutions</a>. <a href="https://www.factset.com/privacy">Legal Statement</a>. <br>This material may not be published, broadcast, rewritten, or redistributed. ©2025 FOX News Network, LLC. All rights reserved. <a href="https://help.foxbusiness.com/hc/en-us/sections/4405278462107-FAQ">FAQ</a> - <a href="/privacy-policy">New Privacy Policy</a><br>FOX Business Cheryl Casone joined Fox & Friends First to discuss the insurance crisis in California as wildfires devastate Los Angeles and the broader concerns about the industry moving forward.<br>The <a href="https://www.foxnews.com/category/us/disasters/wildfire" target="_blank" rel="noopener">wildfires ravaging Southern California</a> are expected to add further fuel to the state's ongoing insurance crisis, as residents' options for property coverage continue to dwindle or even disappear. <br>Several <a href="https://www.foxbusiness.com/category/insurance" target="_blank" rel="noopener">insurance companies</a> have either fled California, stopped writing new policies or otherwise reduced their exposure in The Golden State, citing business risks amid rising replacement costs and the inability to adequately raise premiums.<br><span>Homes burn as powerful winds drive the Eaton Fire on January 7, 2025 in Pasadena, California.</span><span> (David McNew/Getty Images / Getty Images)</span><br>Here is a list of some of the insurance companies that either scaled back or left California in recent years:<br>Insurance giant AllState paused its sales of new home insurance policies in California in 2022 due to wildfires and higher costs of doing business in the state.<br><a href="https://www.foxbusiness.com/economy/california-wildfires-could-cost-insurers-20b-highest-states-history" target="_blank" rel="noopener"><strong>CALIFORNIA WILDFIRES COULD COST INSURERS $20B, HIGHEST IN STATE'S HISTORY</strong></a><br>Texas-based American National announced last year it would stop offering homeowners insurance in the California market.<br>AmGUARD, a subsidiary of <a href="https://www.foxbusiness.com/category/berkshire-hathaway" target="_blank" rel="noopener">Berkshire Hathaway-owned</a> GUARD Insurance Companies, stopped writing homeowners policies in California in 2023.<br><span>Insurance company Chubb began reducing its exposure in California over three years ago.</span><span> (Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images / Getty Images)</span><br>Chubb Chairman and CEO Evan Greenberg announced in a 2021 earnings call that the company would significantly reduce homeowners coverage in California, pointing to wildfire risks and the state's insurance regulations, according to S&P.<br>Falls Lake informed California's Department of Insurance in 2023 it would be pulling out of the state completely because the company could not obtain reinsurance, PropertyCasualty360 reported that year.<br><a href="https://www.foxbusiness.com/politics/california-fires-insurance-companies-dropping-coverage-fleeing-state-due-decades-old-law" target="_blank" rel="noopener"><strong>CALIFORNIA FIRES: INSURANCE COMPANIES DROPPING COVERAGE AND FLEEING THE STATE DUE TO DECADES-OLD LAW</strong></a><br>Farmers Insurance Group began limiting coverage in California in 2023, and later that year, one of its subsidiaries, Farmers Direct Property and Casualty Insurance Company, withdrew from the state entirely.<br>Nationwide Private Client, a subsidiary of Nationwide, informed California last year that it would stop renewing all its homeowners insurance policies in the state by June of 2025, according to The San Francisco Chronicle.<br><span>A sign is posted in front of a State Farm insurance office on January 03, 2024 in Berkeley, California. State Farm announced last year it would discontinue 72,000 insurance policies in the Golden State. </span><span> (Justin Sullivan/Getty Images / Getty Images)</span><br>State Farm, California's largest home insurance provider, <a href="https://www.foxbusiness.com/real-estate/state-farm-ceasing-new-applications-california-property-insurance-other-policies" target="_blank" rel="noopener">announced in 2023</a> that it would no longer accept applications for property insurance and other policies in California, citing "historic" increases in construction costs and inflation."<br><a href="https://www.foxbusiness.com/lifestyle/ca-wildfire-backlash-state-farm-other-insurers-slammed-dropping-coverage" target="_blank" rel="noopener"><strong>CALIFORNIA WILDFIRE BACKLASH: STATE FARM, OTHER INSURERS SLAMMED FOR DROPPING COVERAGE</strong></a><br>Then in March of last year, the company said that it would <a href="https://www.foxbusiness.com/media/state-farm-cuts-72000-california-home-insurance-policies-decision-was-not-made-lightly" target="_blank" rel="noopener">cut 72,000 home and apartment policies</a> starting in the summer.<br>The Hartford Financial Services Group stopped writing new homeowners insurance policies in California in early 2024.<br>Malibu resident Saphia Hall gives a firsthand account of the catastrophic California wildfires on 'Making Money.'<br>Tokio Marine America Insurance Co. and Trans Pacific Insurance Co., both owned by Japanese firm Tokio Marine Holdings Inc., filed notices to California's Department of Insurance in April 2024 saying the companies would <a href="https://www.foxbusiness.com/economy/california-loses-two-more-property-insurers-growing-crisis" target="_blank" rel="noopener">cease offering homeowners insurance</a> and umbrella policies in the state.<br><a href="https://www.foxbusiness.com/apps-products" target="_blank" rel="noopener"><strong><u>GET FOX BUSINESS ON THE GO BY CLICKING HERE</u></strong></a><br>The San Francisco Chronicle reported Travelers Insurance announced it would not renew homeowners policies for thousands of California properties from 2022 and 2023 due to wildfire risk.<br><br>Get a brief on the top business stories of the week, plus CEO interviews, market updates, tech and money news that matters to you.<br>We've added you to our mailing list.<br>By clicking subscribe, you agree to the Fox News <a href="https://www.foxnews.com/privacy-policy" target="_blank">Privacy Policy</a> and <a href="https://www.foxnews.com/terms-of-use" target="_blank">Terms of Use</a>, and agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time. <br> Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by <a href="https://www.factset.com/">Factset</a>. Powered and implemented by <a href="https://www.factset.com/solutions/business-needs/digital-solutions">FactSet Digital Solutions</a>. <a href="https://www.factset.com/privacy">Legal Statement</a>. <br>This material may not be published, broadcast, rewritten, or redistributed. ©2025 FOX News Network, LLC. All rights reserved. <a href="https://help.foxbusiness.com/hc/en-us/sections/4405278462107-FAQ">FAQ</a> - <a href="/privacy-policy">New Privacy Policy</a><br><br><a href="https://news.google.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?oc=5">source</a>
