Insurance carriers leaving California, no longer writing new policies

Due to climate change and wildfire risk, many insurance carriers are either leaving California or no longer offering to write new policies. State Farm insures 27% of the properties in California but last year it decided to stop writing new policies for both personal and business properties. The insurance giant reported a record $12 billion under-writing loss for 2022 and $13 billion in 2023, but overall insurance companies are still making money. KTVU's Frank Mallicoat speaks with Karl Susman, President of Susman Insurance Services in Southern California about how that works and what lies ahead for consumers.