Bankrolling the Climate Crisis

Big Insurance: Stop profiting off of fossil fuels while leaving customers holding the climate crisis bag

Many large insurers are scaling back policies and raising rates in climate-vulnerable areas, all while insuring fossil fuel projects and investing in fossil fuels.

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 damage 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.

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.

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The message below will be sent to over 70 executives working for Berkshire Hathaway/Geico/Guard, State Farm, AIG, Nationwide, Allstate, Liberty, Mutual, Travelers, and The Hartford.

Tell Big Insurance: Stop Profiting off Fossil Fuels

Dear executives of Berkshire Hathaway/Geico/Guard, State Farm, AIG, Nationwide, Allstate, Liberty, Mutual, Travelers, and The Hartford, 

As a leader of a top insurance company in the United States, you know better than anyone that 2023 saw a record number of climate disasters that cost over $1 billion to clean up.  

Yet your company is investing over $1 billion in fossil fuels -- enough to pay for one or more of the 28 billion-dollar climate disasters in 2023 -- while abandoning customers and raising rates in climate-vulnerable states. 

Your actions are not only hypocritical but unethical. The Intergovernmental Panel on Climate Change and the International Energy Agency say we cannot invest in any more fossil fuel projects to have any hope of avoiding runaway climate catastrophe.

Time is running out if we want to maintain a livable planet. Your company must act now. 

I ask that you: 

- Stop insuring new and expanded coal, oil, and gas projects immediately. 

- Phase out insurance for all fossil fuel companies including oil and gas. 

- Divest completely from coal, oil, and gas companies. 

- Respect human rights, including Indigenous people's rights to free, prior, and informed consent. 
 
Thank you for your prompt attention to this critical matter. I’ll be watching what you do closely.