US-based insurance companies are running away from climate-related risks while propping up fossil fuel companies.
conducted research into the relationship between the fossil fuel industry and the United States insurance industry, focusing on analysis of the insurance sector’s investments in fossil fuel-related assets.
Tom Reichert, Group CEO of ERM, said: “As the climate crisis intensifies, the insurance industry is finding itself uniquely exposed to climate related challenges. Now is the time for insurers to take action to address these risks and opportunities related to their investments and underwriting. This will help to ensure their business models remain resilient and that they can continue to serve their customers effectively, while ultimately accelerating the transition to a low-carbon economy.
Well, isn’t that interesting. These insurance giants are running away from climate-related risk while at the same time propping up the very industries that are primarily responsible for creating that risk in the first place. Is there a name for such behavior? Here’s a few that come to mind — hypocritical, two-faced, deceptive, ignorant, and stupid. Take your pick.The issue has come to the attention of some members of Congress.
The investigation follows a series of hearings held by the Senate Budget Committee that have examined the economic risks associated with climate change. Central bankers, economists, insurance industry executives, financial experts, and others have testified before the Committee that climate change poses multiple “systemic risks” to the economy — risks with the potential to cascade beyond immediately affected sectors to cause economy-wide harm similar to the 2008 financial crisis.
In the meantime, these companies continue to insure fossil fuel operations even while they refuse to insure homes in California, Louisiana, and Florida. Is that two-faced or what?My old Irish grandfather liked to say there are two businesses that have a government license to steal — banks and insurance companies. He suggested the business model for insurance companies is to sell coverage and deny liability.
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