{"id":20502,"date":"2023-07-27T13:39:08","date_gmt":"2023-07-27T13:39:08","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=732429"},"modified":"2023-07-27T13:39:08","modified_gmt":"2023-07-27T13:39:08","slug":"liberty-mutual-to-stop-offering-business-owners-policy-in-california-as-costs-bite","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2023\/07\/27\/liberty-mutual-to-stop-offering-business-owners-policy-in-california-as-costs-bite\/","title":{"rendered":"Liberty Mutual to Stop Offering Business Owner\u2019s Policy In California As Costs Bite"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2019\/11\/wildfire-580x287.jpg\"><\/p>\n<div><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2019\/11\/wildfire.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/west\/2023\/07\/27\/732429.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/west\/2023\/07\/27\/732429.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p class=\"reuters\">Property and casualty insurer Liberty Mutual will stop offering its business owner\u2019s policy (BOP) product in wildfire-prone state California from Oct. 1, in a sign that cost inflation and higher catastrophe losses are pounding insurers\u2019 profits.<\/p>\n<p>A spokesperson for Liberty Mutual also told Reuters in an emailed statement that the company \u201cwill not renew its current book of this line of business beginning in December.\u201d<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-topics=\"bop\" data-revive-companies=\"libertymutual\" data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>BOP is an insurance product usually required by business owners that bundles all major property and liability risks into a single package.<\/p>\n<p>Global insurers are seeing an erosion in their profitability as they struggle to price the heightened catastrophe risk into premiums amid an environment already fraught with high inflation and regulatory hurdles.<\/p>\n<p>Liberty Mutual joins a growing list of major insurers retreating from California. In May this year, State Farm <a href=\"https:\/\/www.reutersconnect.com\/all?search=all%3AL4N37R3R6&amp;linkedFromStory=true\">said<\/a> that it would stop selling new insurance policies to homeowners in California.<\/p>\n<p>The continued retreat of larger insurance carriers from the California residential property insurance market, signals ongoing regulatory constraints, rising cost inflation and higher catastrophe losses, credit rating agency Fitch said in a note earlier this year.<\/p>\n<p>(Reporting by Singh Shekhawat and Manya Saini in Bengaluru; Editing by Shailesh Kuber)<\/p>\n<p class=\"tagtag\"> <span class=\"tagtag\">Topics<\/span> <a href=\"https:\/\/www.insurancejournal.com\/location\/california\/\" class=\"btn btn-sm btn-primary tagtag\">California<\/a> <a href=\"https:\/\/www.insurancejournal.com\/company\/libertymutual\/\" class=\"btn btn-sm btn-primary tagtag\">Liberty Mutual<\/a> <\/p>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"732429\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! Please tell us what we can do to improve this article.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-yes\">\n<form class=\"feedback-form\">\n<p>Thank you! <span class=\"percent\"><\/span>% of people found this article valuable. Please tell us what you liked about it.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-more-articles\">\n<p class=\"thank-you-text\">Here are more articles you may enjoy.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"subscribe-banner subscribe-banner-in-content-2\">\n<div class=\"content\">\n<h4>Interested in <em>Bop<\/em>?<\/h4>\n<p>Get automatic alerts for this topic.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article 0 Comments Property and casualty insurer Liberty Mutual will stop offering its business owner\u2019s policy (BOP) product in wildfire-prone state California from Oct. 1, in a sign that cost inflation and higher catastrophe&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":20503,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[129,130,1,9],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2023\/07\/liberty-mutual-to-stop-offering-business-owners-policy-in-california-as-costs-bite.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/20502"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=20502"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/20502\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/20503"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=20502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=20502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=20502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}