Two more insurance companies have announced plans to withdraw from the insurance market in California.
According to filings from the state’s Department of Insurance, Tokio Marine America Insurance Co. and Trans Pacific Insurance Co. said they would both withdraw from the homeowners and personal umbrella insurance markets in the Golden State.
Both entities are subsidiaries of Tokio Marine Holdings Inc., a Japanese company.
Together, the two companies provide 12,556 homeowner insurance policies with $11.3 million in premiums. According to document filings, Tokio Marine also has 2,732 personal umbrella policies for liability worth about $400,000.
Those impacted will receive nonrenewal notices beginning on July 1. The proposed effective date for these filings will take place on Aug. 1, 2025.
Neither company disclosed the reason behind their withdrawal in the documents. KTLA reached out to Tokio Marine but didn’t receive a response in time for publication.
Tokio Marine America Insurance Co. and Trans Pacific Insurance Co. join a growing list of insurance companies announcing plans to withdraw or limit business in the Golden State, making it harder for residents to obtain home coverage.
In March, State Farm General Insurance Company announced plans to non-renew about 72,000 policies in California, impacting property insurance and commercial apartment policies.
Last year, the company also announced it would stop accepting new insurance applications for all business and personal property in California.
Since then, companies like Allstate, Farmers Insurance, and The Hartford insurance have announced similar moves.