Lloyd ’s of London is taking a hard stance against freezing the stock of Californian wineries , leaving domestic insurers under pressure to provide coverage . the high rates carriers are passing on, Costa explained. California is the world ’s fourth - largest wine producer by volume and wineries have traditionally relied on Lloyd ’s insurance , specifically the cargo insurance , for inventory stock throughput policies . However , Lloyd ’s undertook a strategic change since suffering a $ 2.6bn loss in 2017 , leading to the cutting of unprofitable lines . Risk aggregation concerns also exist with such a high concentration of wineries in an area prone to wildfires . As a result , some wineries are left without insurance .
Lloyd ’s of London is taking a hard stance against freezing the stock of Californian wineries , leaving domestic insurers under pressure to provide coverage . California is the world ’s fourth - largest wine producer by volume and wineries have traditionally relied on Lloyd ’s insurance , specifically the cargo insurance , for inventory stock throughput policies . However , Lloyd ’s undertook a strategic change since suffering a $ 2.6bn loss in 2017 , leading to the cutting of unprofitable lines . Risk aggregation concerns also exist with such a high concentration of wineries in an area prone to wildfires . As a result , some wineries are left without insurance .