Major doom on the horizon for California?

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STATE FARM started this earlier this year. FARMERS and All State insurance started last week. CA Exodus for insurance providers.

Farmers Insurance is laying off approximately 11% of its workforce in an effort to protect “long-term profitability.” The decision comes one month after Farmers said it wouldn’t expand its property-insurance business in California beyond its previously laid plans, despite a void left by rivals that have stopped writing new policies in a state contending with costly wildfire damage. About 2,400 employees were cut as part of Farmers’ restructuring plan across its business, which includes home, car, and life insurance.

Farmers Group Inc. CEO Raul Vargas cited “existing conditions” in the insurance industry and “macroeconomic challenges” as motivating factors behind the layoffs. “We must carefully manage risk and prudently align our costs with our strategic plans for sustainable profitability,” Vargas said in a statement on Aug. 28.

https://www.msn.com/en-us/money/insurance/farmers-insurance-is-now-cutting-jobs-after-pulling-products-from-california/ar-AA1fVZZs

and All State

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https://news.yahoo.com/why-insurance-companies-pulling-california-122420247.html