On the climate reckoning: The industry’s risk models haven’t kept pace with reality. “Used to be a tornado would be an isolated event, going to one town and helping them rebuild,” Farney said. “Now there’s a spawn of tornadoes that hit 10 different sites the same night.” His prescription: match price to individual risk and insist on competitive markets. “If there are markets where regulators have an impact on the ability of insurance companies to compete, we don’t think customers win.”
State Farm CEO is betting big on AI—and contemplating the company’s future in California
