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. …

Congo oil fields are quickly becoming uninsurable

8 September, Kinshasa – Any company granted exploration and exploitation rights in the Democratic Republic of Congo (DRC) oil auction could find itself without financial protection, according to a report published today by Greenpeace Africa, Insure our Future, Reclaim Finance and Urgewald. If leading insurance and reinsurance companies follow their commitments and their general environmental, social, and corporate governance (ESG) policies, oil …

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 Over the past year, several major insurance companies have limited or withdrawn coverage from states dealing with major …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 …

Swing and a Miss: Travelers Fails to Champion Climate Change

In June, as an activist with Connecticut Citizen Action Group, I took to the greens at the 2023 Travelers’ Championship to gain recognition for the global climate emergency and the complicity in that crisis of the corporate interests involved in the tournament. Over the past month alone, I have seen some of the tragic effects …

A handshake centered in the image. Sleeve on the left is blue and the skin color of the person is a shade of brown. The sleeve on the right is white and the skin color is light brown. A blurred out office is in the background of the handshake.

New analysis reveals insurers financed U.S. far-right politicians who are attacking insurers’ business model

A new analysis finds that far-right politicians in Texas and Louisiana, who have been attacking the insurance industry’s ability to factor in basic climate risks for their business, have quietly been receiving hundreds of thousands of dollars from the insurance industry itself. As the insurance industry faces billions in climate-related losses, this raises the question …

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 …

Annual letter to the CEOs of 30 major fossil fuel insurers, 2023

Every year, the Insure Our Future network publishes an open letter to the CEOs of 30 major insurance companies whose fossil fuel policies are ranked annually by Insure Our Future, among which are: AIG, Allianz, AXA, Chubb, Generali, Liberty Mutual, Lloyd’s of London, Munich Re, SCOR, Sinosure, SOMPO, Tokio Marine and Zurich. The letter outlines …

Activists Call on AIG to Disavow Insurance Coverage of East African Crude Oil Pipeline

Groups Deliver Petition Signed by More Than 50,000 Calling on Insurance Giant to Publicly State Position on Project NEW YORK — Outside of American International Group Inc.’s (AIG) headquarters, activists from Public Citizen, Climate Families NYC, Sunrise Movement NYC, and other groups called on the insurance giant to publicly commit not to provide coverage for …

How This Insurance Company is Undermining Climate Action

Originally published on Public Citizen’s website.  Since American International Group (AIG) crashed in 2008 because of its reckless bets on financial products linked to predatory mortgage lending, the insurance giant has faded from the headlines. And its CEO, Peter Zaffino, is far for a household name. But we should all pay more attention to AIG …

Small climate steps by U.S. insurers lag behind leaps by global competitors on oil and gas, with new coal increasingly uninsurable

13 global insurers have restricted support for oil and gas expansion, increasing pressure on U.S. insurers to follow suit 18 October 2022 – This year steps by U.S. insurers look out of touch with the escalating pace of climate impacts. Global insurance company restrictions on oil and gas are finally starting to catch up with …

A Race to the Middle: North American Insurers Lag Behind European Progress on Oil and Gas

As the global insurance industry’s move away from oil and gas picks up momentum this year, the largest North American fossil fuel insurers – even those who have made significant strides, by North American industry standards—lag behind. Some Bermudan insurers are stepping up to fill the leadership void across North America. This brief delves into …

Brief: Fossil Fuel Insurers Invest Billions in Climate Chaos

American International Group (AIG), Berkshire Hathaway, Travelers, and Chubb are among the ten insurers that collectively invested over $59.7 billion in fossil fuels in 2019, finds an analysis released today by Insure Our Future, Public Citizen, and Rainforest Action Network.  The brief analyzed 2019 data released in April 2022 by the California Department of Insurance …

Top North American Fossil Fuel Insurers Invested $59.7 Billion in Fossil Fuels, Analysis Finds

New brief shows that fossil fuel insurers are heavily exposed to fossil fuels, with $30.8 billion in oil and gas holdings as of 2019. WASHINGTON, D.C – Analysis finds that North American fossil fuel insurers had $59.7 billion in fossil fuel investments—including $30.8 billion in oil and gas—according to recently released 2019 data. The brief …

70 Organizations and Groups Renew Pressure on Insurers to Cut Ties with the Trans Mountain Pipeline

Today, 70 Indigenous rights, climate, environmental, consumer rights, and community organizations and groups sent a letter to 22 insurers that are at risk of insuring the Trans Mountain Pipeline Expansion Project and the existing Trans Mountain pipeline network.  Read the letter to Trans Mountain’s likely remaining insurers here. The recipients of the letter were: AIG, …

Recap: Insurers Faced Unprecedented Investor Action on Climate in 2022 Shareholder Season

This spring, investors mounted an unprecedented challenge for climate action at the largest U.S. fossil fuel insurers, proposing a number of independent resolutions and spotlighting key director votes at AIG, Berkshire Hathaway, Chubb, The Hartford, and Travelers. Key Takeaways U.S. insurers faced unprecedented challenges from investors who are increasingly concerned about the risk that climate …

The Insurance Industry is Attempting to Weaken Climate-Related Regulation

Today, think tank Influence Map released a report that details the US insurance industry’s efforts, via their trade associations, to weaken climate-related regulation of insurers. The findings provide evidence that, contrary to public statements made by insurers about the grave risk that climate change poses to their industry and the economy, insurance trade associations are …

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