Macro-financial risk
2026-04-26
10 minute read
12 sources
The Property Insurance Retreat: Florida, California, and the Climate Repricing of US Real Estate
State Farm and Allstate non-renewing California, Florida's Citizens at 1.4 million policies, reinsurance retrocession costs at multi-decade highs, and the FAIR plan and Citizens together carrying climate risk that private balance sheets have walked away from.
The US property insurance market is running a slow climate repricing. State Farm announced in May 2023 it would stop writing new homeowners policies in California, and Allstate had already done so. State Farm filed a 30 percent rate increase request that the California Department of Insurance approved in part in early 2025. Florida's Citi...