Peter GleickMay 28, 2023

Climate change and extreme events are explicitly mentioned as a reason insurance companies are withdrawing from markets with skyrocketing risks.
Do you still deny #climate change, or don't want to act to address it?
The market is coming for you.

#climatechange

https://www.latimes.com/california/story/2023-05-27/state-farm-is-no-longer-accepting-property-insurance-applications-in-california?s=09

State Farm not accepting property insurance applications

The company blames 'increases in construction costs outpacing inflation, rapidly growing catastrophe exposure and a challenging reinsurance market.'

Los Angeles Times
Show threadjackhutton 🇺🇸
@petergleick "State Farm last year posted a net loss of $6.7 billion, driven largely by losses in the auto division. The company’s homeowner division recorded $849 million in underwriting gains."
Not uncomplicated, is it..
May 28, 2023 at 4:45pmWeb
Show threadPeter GleickMay 28, 2023
@jackhutton This seems to be a forward look at where they expect future losses to skyrocket.
Show threadIpso FactoMay 28, 2023
@petergleick @jackhutton Yep, take the gains and run. Who is the 2nd largest property insurer in CA?