Introduction

On May 27th, State Farm General Insurance Company said it would stop taking new applications for any business and personal property and casualty insurance in the state of California. In 2022, its net worth was over $130 billion and the company handled an average of 26,000 claims every day. Cody Dong: I think inflation definitely plays a key role. Insurers have to pay for the cost of replacement. Silvaan: The recent departures of big names like Aksa and Munich Ray from the Net Zero Insurance Alliance might mean that global Net Zero efforts are under threat.