Part 4/13:
California, often at the forefront of climate-related disasters, has seen its insurance industry reevaluate its exposure. Some insurers have been forced to cancel or refuse renewal of policies due to insurmountable losses, prompting fears of a 'coverage crisis.' In California alone, State Farm received nearly 13,000 claims related to wildfires and paid out billions, yet the risk persists, and some insurers are contemplating withdrawing altogether.