More than half of the major property insurers in California have cut back on business in the state in recent years. Credit: Mario Cobian/Adobe Stock
(Bloomberg) — Allstate Corp. will end its years-long pause on underwriting in California as soon as the state regulator adopts proposed regulatory changes to make it easier for insurers to raise rates, according to a company spokesperson.
"If the regulations were in effect today, we would begin selling new homeowner insurance policies tomorrow," said Gerald Zimmerman, senior vice president of government relations for Allstate, in a public hearing on April 23. "Let me repeat that: As soon as we can use catastrophe modeling and incorporate the net cost of reinsurance into our rates, we will be open to business in nearly every part of California."
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