Insurer cites “growing catastrophe exposure” as it stops new 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 says it’s no longer accepting 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. Why it matters: Multiple studies show climate change is influencing the…