‘Cascading impacts’ warning as Farmers becomes latest insurer to quit Florida

State’s efforts unable to persuade company to stay amid growing risk for carriers as climate crisis increases strength of storms

Farmers Insurance became the latest property insurer to pull out of Florida on Tuesday despite repeated efforts by the state’s legislature and its Republican governor, Ron DeSantis, to try to calm the volatile market that is making home ownership less affordable.

Farmers informed the state that it was discontinuing new coverage of auto, home and umbrella policies. The company said in a statement that the decision would affect policies issued through its “exclusive agency distribution channel”. It said there would be no effect on 70% of current policies in Florida.