Tokio Marine Insurance Co., Trans Pacific Insurance Co.

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 cease offering homeowners insurance and umbrella policies in the state.

Travelers

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.

New rules enacted in September 2024 for the insurer of last resort in California—the Fair Access to Insurance Requirements (FAIR) plan—could leave homeowners insurance policyholders on the hook for fire losses in the Los Angeles area if totals exceed the plan’s ability to pay.

“The bottom line is, the FAIR plan will have enough money to pay claims, but the way it will make sure it has enough money is by assessing all California policyholders, eventually,” Dave Jones, former commissioner of the California Department of Insurance, told host Siyamak Khorrami during a recent episode on EpochTV’s “California Insider.”

“If it gets there, that’s what will happen. People will get an additional bill ... which will come as a big surprise to Californians.”