Inflation, construction costs, and rising climate change-related risks prompted the company to leave the state's home and business insurance market.
from the National Oceanic and Atmospheric Association outlining billion-dollar disasters that the U.S. experienced in 2022, has further highlighted the rising wildfire risk. 17 of the 20 largest wildfires by acreage in the state’s history have occurred since the year 2000, according to NOAA. 18 of the 20 most destructive fires—which were measured by the number of buildings destroyed—have also occurred since 2000.
“In four of the last six years , California has experienced historically large and costly wildfires with losses well exceeding $65.0 billion,” the report said.And State Farm isn’t the only insurance company that has changed business practices in response to climate-related catastrophes. In early 2022, American International Group announced that it would no longer renew policies for thousands of homeowners in the state, the Wall Street JournalWant more climate and environment stories? Check out Earther’s guides to
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