'By underwriting and investing in new and expanded fossil fuel projects, U.S. insurers are helping Big Oil bring us closer to the worst runaway climate scenarios,' said SenWhitehouse.
and communities everywhere to grapple with an uncertain future. Inaction and inadequate action are unacceptable."
Witnesses have warned that sea-level rise and wetter, more intense storms could eventually make more than $1 trillion in coastal real estate uninsurable, and therefore unmortgageable, leading to a coastal property values crash; that more frequent and intense wildfires could result in a similar death spiral for Western property in the wildland-urban interface; that climate-related losses are making it harder for the insurance industry to price risk, already resulting in insolvencies among...
"Given the threat that climate change poses to both the insurance industry and its policyholders, it is difficult to understand how the industry can carefully price and manage climate risk in some areas of its business while simultaneously having no apparent plan to phase out its underwriting of and investment in the projects and companies generating the emissions that are causing these very harms," the letter says.
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