Consumer Watchdog Issues Public Comment on Treasury NoticeNovember 21, 2021
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Thank you for the opportunity to provide comments on the climate-related financial risks posed to, and by, the insurance industry.
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 against. Rather than drawing down their support of the fossil fuel industry, the insurance industry’s response to increased risk from climate events has been to raise premiums for consumers and property owners, or to limit who they will sell to by refusing to insure whole ZIP Codes communities. That forces consumers to bear all of the cost of climate change while the insurance industry protects its outsized profits.
It is outrageous and unsustainable for survivors of wildfires and other disasters to have to fight with their insurance companies for claims payments, and for countless more to struggle to find affordable coverage, while insurers continue to cover the fossil fuel companies responsible for exacerbating climate change and causing those losses.
Consumer Watchdog has joined comments in response to this request for information submitted by
As our joint letter stresses: State and federal regulators aren’t doing enough to oversee insurers’ climate risks. Insurance companies, abetted by state regulators, refuse even requests for transparency about their underwriting exposure to fossil fuels.
California Insurance Commissioner
In the two and a half years since Commissioner Lara denied the petition, the