Business Journal: Allstate May Leave State
Allstate Insurance may stop selling new homeowners policies in California this spring.
Monday, January 15, 2007
Allstate officially says they’re still open for business for home owners insurance … but agents have said that in company meetings, there are discussions of curtailing new policies. They expect a decision next month. The company may be reaching its capacity for risk exposure in California. Last September, Allstate asked the state to approve a 12 percent rate increase for homeowners’ insurance … while other large home insurers are seeking rate reductions. The last time a major insurer stopped accepting new homeowners business in California was 2002, when State Farm took that step for a year.