Lines of business

Farmers Insurance becomes the latest major national carrier to pump the brakes in California, limiting new business to only 7,000 policies per month, signaling further problems in the state’s homeowners’ market.

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It was the largest daily drop Progressive stock has experienced since August 2008.

Sources said the Japanese insurer will pull back from the California personal auto market in June 2025 as it is set to exit the state’s admitted personal lines market on June 1, 2026.

Axa’s lack of success in selling its more volatile XL Re segment has led the insurer to cut back on those lines, but the current rate environment makes this a good time to revisit a sale.

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Nearly 30 new players have entered the market in the past two and a half years, with three already having closed.

Motor vehicle insurance price increases moderated to 16.9% from 17.1% in May, while the all-items CPI slowed to 3.0% from 4.0%.

The utility previously bought a $1bn policy from the (re)insurance market.

A recent report from Howden shows ransomware activity is up 48% year-on-year.

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The decision applies only to policies issued through the company’s exclusive agency distribution channel.