#1,828- California insurance industry crises worsens: Liberty Mutual pulls out of business policy coverage

News For Reasonable People

English - August 01, 2023 11:00 - 19 minutes - 13.9 MB - ★★★★★ - 7 ratings
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Have your ears perked up to the whispers of an insurance crisis brewing in California? This episode pulls back the curtain to reveal a stark reality: major insurance companies like Liberty Mutual, Allstate, State Farm, and Farmers are backing out from offering bundled insurance policies for small businesses in the Golden State. Discover why this could force many businesses to operate without any coverage - a precarious situation that could have far-reaching implications. We'll also be tuning in to Liberty Mutual's June 10th earnings call where they'll be sharing more on this significant decision.

But, what's causing this insurance exodus? It's time to delve into California's complex regulatory landscape and the unforgiving wildfires that are pushing insurance companies to rethink their strategies. From sky-high taxes and escalating construction costs to a dwindling supply of insurance policies, doing business in California seems to be getting tougher by the day. We'll compare this situation to states like Texas where regulations are more lenient, shedding light on why businesses might be packing their bags to bid goodbye to California. Tune in for a riveting discussion on an under-the-radar crisis that's all set to shake up the world of small businesses in California.

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