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 pushing back on regulation to improve climate risk disclosure or to reduce the underwriting of and investments in fossil fuels. Some of the largest companies insuring fossil fuels — including AIG, Berkshire Hathaway, Chubb, and Liberty Mutual — are also members of industry associations that Influence Map exposes as attempting to undermine regulation of insurers’ climate risks.
The Insurance Industry is Attempting to Weaken Climate-Related Regulation
The U.S. Insurance Sector and Climate-Related Financial Regulation
Despite a growing consensus among financial regulators that climate change poses significant risks to the insurance sector, industry associations representing the largest U.S. insurance companies have been actively engaged in efforts to weaken and delay emerging climate-related insurance regulation at both the federal and state levels.
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