As extreme weather events intensify, consumers are left with rising insurance premiums or are losing insurance coverage completely. But we know these companies are financing and underwriting fossil fuel extraction, with weak or zero public plans to back away.
Earlier this month, the Senate Budget Committee sent a letter to insurance giants AIG, Chubb, Liberty Mutual, Starr Wright USA, Berkshire Hathaway, State Farm, and Travelers Insurance to disclose their coverage for and investments in fossil fuels and information on how each insurer respects human rights. But will they respond with honest reporting of their fossil fuel connections?
U.S. insurers have approximately $582 billion invested in fossil fuels, and none have ruled out support for fossil fuel expansion. Meanwhile, scientists have made clear that there can be no new fossil fuel infrastructure if we are to limit warming to 1.5°C and avoid climate catastrophe.
The lack of transparency in the insurance industry allows insurers to keep quiet on their financing of controversial fossil fuel projects. This lack of transparency gives them a green light to continue business as usual.
The Senate letter demands insurers disclose which companies they’re underwriting and financing the fossil fuel industry, disclose how these insurers are evaluating climate-related risks, and steps they’re taking to ensure impacted communities are consulted before extractive and polluting industries move in.
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