Public Interest Groups Seek Nation’s First Rule Mandating Insurance Companies Disclose the Fossil Fuel Projects They Insure
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- Insurers Blame Climate Change For Mounting Catastrophe Losses Yet Still Insure the Fossil Fuel Infrastructure That Exacerbates Wildfires, Mudslides and Flooding
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More than 60 environmental, consumer and social justice organizations petitioned California Insurance Commissioner
The
"By insuring the fossil fuel projects responsible for the increased intensity of wildfires, mudslides and flooding, insurance companies fuel the very disasters they are insuring homeowners against. It's outrageous that survivors of wildfires and other disasters have to fight with their insurance companies for coverage while insurers are paying out billions to the fossil fuel companies responsible," said
The petition states: "To ensure the solvency of the insurance industry and protect consumers in
Read the petition: https://consumerwatchdog.org/sites/default/files/2019-03/FossilFuelPetition.pdf
"Insurance companies are supposed to be the last line of defense against calamitous weather events like hurricanes and fires. But by continuing to invest in fossil fuel companies and underwriting their operations the
"As the climate crisis calls for phasing out the use of fossil fuels, we need to shine a bright light on those companies underwriting projects that will create more pollution and destruction. Faced with the threat of more oil pipelines and 700 new oil wells in
The petition also asks the Insurance Commissioner to expand disclosure of insurance companies' fossil fuel-related investments. The
The
A new coalition of public interest groups, Insure Our Future, has called on America's insurance companies to follow their European cousins and divest from fossil fuel companies, and to make plans to stop underwriting extreme fossil fuel projects. www.insureourfuture.us
While little public information is available on the extent of insurance industry underwriting of fossil fuel projects, insurance companies' exposure becomes clear after disaster strikes.
Chart
Sempra, the parent company of
The burst pipeline at Refugio State Beach in 2015 resulted in the release of at least 123,000 gallons of crude oil along the
The Insurance Commissioner has 30 days to respond to the groups' petition.
The public interest organizations signing the petition include:
1000 Grandmothers for Future Generations
350
350
350
350
350
350 South Bay Los Angeles
350
Alameda County Interfaith Climate Action Network
Amazon Watch
Asian Pacific Environmental Network
Climate Resolve
Communities for a Better Environment (CBE)
Courage Campaign
Divest Invest
Earthworks
Fossil Free California
Fundacja "Rozwoj TAK - Odkrywki NIE"
Greenaction for Health and Environmental Justice
Greenpeace
Indivisible South Bay LA
Market Forces
Avaaz
Azul
Bay Area-System Change not Climate Change
Beyond Extreme Energy
Californians Against Fracking and Dangerous Drilling
ClientEarth
Climate Hawks Vote
No Coal in
No Coal in
No Coal Vallejo
Public Citizen
Rootskeeper
San Francisco Baykeeper
Sierra Club California
SoCal 350 Climate Action
Stand.earth
Sustainable Energy & Economy Network
urgewald
View the slides shown at the press conference: https://www.consumerwatchdog.org/sites/default/files/2019-03/Divestment-Slideshow_0.pdf
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