State Farm halts new property insurance policies in California due to wildfire risk.

State Farm will no longer offer home and property insurance to new customers in California due to the risk posed by the state's frequent wildfires and other factors affecting the company's financial strength. Existing customers will not be impacted, and personal auto insurance will continue to be offered. The decision was made in response to historic increases in construction costs, rapidly growing catastrophe exposure, and a challenging reinsurance market.