Major insurer cites climate change as it stops home insurance sales in California

Firefighters battle the Coastal Fire in Laguna Niguel, California in May 2022. Photo: Wally Skalij/Los Angeles Times via Getty Images State Farm is no longer homeowner insurance applications in California due to "historic increases in construction costs outpacing inflation" and "rapidly growing catastrophe exposure" to extreme weather events like wildfires, the company announced. Why it matters: Multiple studies show climate change is influencing the frequency and severity of extreme weather events, increasing the risk of wildfires and also the proportion of storms that reach major hurricane status of Category 3...