Coal mining in surface mine. Miner looking on the huge excavator.

Insurance Giants Deeply Involved in Underwriting U.S. Coal, Undermining Public Net-Zero Commitments

Washington, D.C., 28 September 2023 – New Report shows AIG, Liberty Mutual, Lloyd’s of London, Swiss Re, and Zurich insure at least 41% of U.S. coal output, sometimes violating internal policies aimed at slowing climate change. Global insurance giants continue to underwrite U.S. coal production at alarming rates. While more and more insurance companies are …

Fifteen Years after Great Recession, Activists Call on AIG to Prevent Financial Meltdown Caused by Climate Change

NEW YORK — Fifteen years after  American International Group Inc. (AIG) nearly failed due to reckless financial practices, forcing the federal government to respond with a $182 billion bailout, protesters today rallied at the company’s headquarters, calling on the insurance giant to take steps to quickly end its risky underwriting and investments in fossil fuels. …

U.S. Capitol building, blue skies

Nationwide Insurance Crisis Sparks Senate Hearing, Focusing on Climate Change Financial Impacts

WASHINGTON, D.C. — The U.S. Senate Committee on Banking, Housing, and Urban Affairs will take a deep dive into issues plaguing property insurance markets across the country and the impact changes, including from climate change, will impact consumers. Over the past year, several major insurance companies have limited or withdrawn coverage from states dealing with major …

Sustainability Smokescreen – Analysis of AIG’s 2022 ESG Report

Overview AIG released its 2022 Environmental, Social, and Governance (ESG) report in July. The report fails to demonstrate progress on its climate commitments. As a major insurance provider for coal, oil, and gas, AIG does not acknowledge how its continued support for fossil fuels actively exacerbates climate-related threats to its business. On March 1, 2022 AIG purported to commit to …

Insurance Industry Scorecard Update Reports 20 Global Insurers now Protect Land Sacred to Alaska Natives in the Arctic National Wildlife Refuge

FAIRBANKS, AK – An update to the Gwich’in Steering Committee (GSC) insurance industry scorecard released today reports 20 insurers now have a policy that protects Iizhik Gwats’an Gwandaii Goodlit (“The Sacred Place Where Life Begins”) from oil and gas development. The scorecard tracks global insurance companies’ policies on fossil fuel development in the coastal plain of the Arctic …

U.S. Capitol building, blue skies

As Climate Change Pushes Insurers Out of California, Rep. Schiff Calls for Data and Transparency around Industries’ Fossil Fuel Investments

WASHINGTON, D.C. – Congressman Adam Schiff (D-Calif.) today introduced legislation intended to require insurance companies to disclose investments and underwriting of fossil fuels companies. The Polluter Portfolio Disclosure Act aims to increase transparency around how insurance companies worsen the climate crisis, particularly as they abandon insurance customers in states that find themselves on the front lines of …

Farmers Insurance to Stop Offering Coverage in Hurricane-Prone Florida

Farmers Insurance announced today that the company will not renew existing automobile, home, and umbrella policies in Florida. The company’s announcement comes after it gave Florida’s Office of Insurance Regulation notice on Monday, beginning a 90-day warning period for policy holders. Farmers’ decision will impact nearly 100,000 policies. In response, Carly Fabian, insurance policy advocate with Public Citizen’s Climate Program, issued …

Farmers Insurance Becomes Latest Company to Limit Insurance Coverage in California

WASHINGTON, D.C. — Farmers Insurance, a subsidiary of Zurich Insurance Group, announced in a statement today that the company began limiting new homeowners insurance policies in California on July 3. Shortly after Farmer’s revealed that it would limit new coverage, the American Property Casualty Insurance Association (APCIA) called for reform of California’s insurance regulatory framework to make …

Federal Insurance Office Report Sees Fragmented Approach to Climate-Related Risks

WASHINGTON, D.C. – The U.S. Treasury Department’s Federal Insurance Office (FIO) today released a report on climate-related regulation and supervision of insurers. The report assesses the limitations of existing regulation and includes 20 recommendations. In response, Carly Fabian, insurance policy advocate with Public Citizen’s Climate Program issued the following statement: Alex Martin, Policy Director for Climate and Finance …

Travelers Under Fire for Ignoring Climate and Human Rights Concerns with Saudi PGA Merger, Activists Rally at Championship Tournament in Cromwell

CROMWELL, CT – Today (6/21/23), Connecticut Citizen Action Group and the Insure Our Future coalition rallied outside the Travelers Championship Tournament in Cromwell, protesting the company’s investment and underwriting of fossil fuel expansion. For the second year in a row, protestors were accompanied by Hartford’s Proud Drill Drum and Dance Corp, an organization that works …

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