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Press Release

New Jersey’s Day Of Reckoning Arrives As Nonrenewals Begin


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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