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State Farm Insurance will soon inform some New Jersey customers that they are among the 4,000 who will be non-renewed each month as part of the company’s five-year plan for withdrawing from what is clearly the nation’s worst
auto insurance market. More than a year in the making, the nonrenewals will toss several hundred thousand policyholders into the marketplace in a steady stream that will exceed the capital capabilities of remaining insurers. With no new capital likely to enter the market, New Jersey should be girding itself for a full-fledged market crisis.
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