The insurance giant cited ‘historic’ construction costs increases and inflation.
, citing “historic” increases in construction costs and inflation,” the company said Friday.
“We take seriously our responsibility to manage risk. We recognize the Governor’s administration, legislators, and the California Department of Insurance for their wildfire loss mitigation efforts,” the company added. “However, it’s necessary to take these actions now to improve the company’s financial strength.”
A spokesperson for the California Department of Insurance told Fox Business it is committed to protecting customers.
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