So, the insurance companies for years have invested in what is going to destroy us. I was hopeful that eventually they would sue Exxon etc. for costing them money. Instead they raise their rates and lobby congress and state legislatures to change the rules on who they have to pay.
These firms are all to be chided for inclusion on this list, but AIG's is particularly galling. Evidently, it's OK if we bail them out but not the other way around.
Think back to the "Big Short." Isn't AIG doing the same thing it did with credit default swaps and CDOs? They are taking bets against the housing market but to cover those bets they are insuring the companies that are causing the housing market to go bust. "History doesn't repeat itself but it does rhyme."
Thank you Arielle for pointing out the major insurers. I've been a State Farm customer for too many years; so, today I chose another company. And I will continue to assess every year. It's a small step, but continuity is partially what got us in this mess.
I’m so glad you reported on this! Insure Our Future is a great resource / organization for anyone who wants to stay in the loop of holding insurers accountable for their climate impacts !
It sorta depends on where you live. As we reported, British insurer Aviva has significantly restricted its coverage of new oil and gas projects, as has French insurer AXA, German Allianz, and Swiss reinsurer Swiss Re.
But “not a single U.S. insurer has ruled out support for oil and gas expansion projects,” according to Insure Our Future’s 2022 Scorecard. You could check it out to see if there are any companies in your area! https://global.insure-our-future.com/scorecard/
Really important piece. I hadn't made that connection - insurance companies underwriting fossil fuel projects. Thank you!!
Thank you for writing this. This article made me a subscriber. Excellent, clear reporting that needs to be shared far and wide. Keep it up!
Amazing!! Thank you so much!
So, the insurance companies for years have invested in what is going to destroy us. I was hopeful that eventually they would sue Exxon etc. for costing them money. Instead they raise their rates and lobby congress and state legislatures to change the rules on who they have to pay.
Ding ding ding
Excellent article! This is the first time a share button did not work for X, formerly known as Twitter. Elon must be trying to silence you guys!
Elxn hates Substack, among other things
These firms are all to be chided for inclusion on this list, but AIG's is particularly galling. Evidently, it's OK if we bail them out but not the other way around.
Think back to the "Big Short." Isn't AIG doing the same thing it did with credit default swaps and CDOs? They are taking bets against the housing market but to cover those bets they are insuring the companies that are causing the housing market to go bust. "History doesn't repeat itself but it does rhyme."
Thank you Arielle for pointing out the major insurers. I've been a State Farm customer for too many years; so, today I chose another company. And I will continue to assess every year. It's a small step, but continuity is partially what got us in this mess.
I’m so glad you reported on this! Insure Our Future is a great resource / organization for anyone who wants to stay in the loop of holding insurers accountable for their climate impacts !
Just catching up to this after Sammy Roth of LA Times flagged it in his roundup. Great article, thank you!
Great article. Important to link private and public actions and where the capital is flowing!
Glad you have him pegged for the a..hole that he really is!
Can you recommend some insurance companies that dont invest in fossil fuels?
It sorta depends on where you live. As we reported, British insurer Aviva has significantly restricted its coverage of new oil and gas projects, as has French insurer AXA, German Allianz, and Swiss reinsurer Swiss Re.
But “not a single U.S. insurer has ruled out support for oil and gas expansion projects,” according to Insure Our Future’s 2022 Scorecard. You could check it out to see if there are any companies in your area! https://global.insure-our-future.com/scorecard/