Many large insurers are reducing policies and raising rates in climate-vulnerable areas, all while insuring fossil fuel projects and investing in fossil fuels.
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Dear Green American,
Climate disasters are happening at an increasing pace, with 28 severe storms, floods, wildfires, hurricanes, and droughts that caused over $1 billion in damages in the US in 2023.
When disaster strikes, customers expect their insurance companies to help pay for repairs to their homes and cars. But increasingly, large insurance companies are curtailing policies and raising rates for people in climate-vulnerable states.
Incredibly, these same insurance companies are also insuring fossil fuel projects and investing in fossil fuel companies.
They are being hypocritical: Making a profit from fossil fuel premiums and investments that drive the climate crisis, while refusing to pay customers for the climate disasters that result.
Tell Big Insurance: No more funding fossil fuel companies during a climate crisis.
Take these companies for example:
Berkshire Hathaway, which owns Geico and AMGuard, has pulled all agents from California, while investing $46.2 billion in fossil fuels. CEO Warren Buffett says climate should not play any part in business decision making.
State Farm will no longer renew any policies in California, while investing $18.2 billion in fossil fuels.
Nationwide is dropping insurance for 10,000 policy holders in coastal North Carolina while investing $4.5 billion in fossil fuels.
Allstate is no longer writing policies in California while investing $2.5 billion in fossil fuels.
Liberty Mutual is dropping coverage for businesses in California while investing $1.5 billion in fossil fuels.
It’s time for big insurance to face the music: They can’t profit off of oil and gas while telling customers hit by climate disasters to stuff it.
Tell Big Insurance: No more funding fossil fuel companies during a climate crisis.
TAKE ACTION
..................
Cathy Cowan Becker
Responsible Finance Campaign Director
Green America
1612 K St NW #1000, Washington, DC 20006
(800)-58-GREEN www.greenamerica.org
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