"Insurers are cutting coverage because of climate risks while investing in oil and gas projects. Democratic senators see a contradiction and are investigating."
"As insurance companies scale back coverage in disaster-prone states because climate risks have become too costly, U.S. lawmakers have launched an investigation into seven major carriers for continuing to insure and invest billions of dollars in fossil fuel projects, according to documents obtained by The Washington Post.
On Friday, the Senate Budget Committee sent letters to seven insurance companies or owners of insurance companies — State Farm, Liberty Mutual, Berkshire Hathaway, AIG, Travelers Insurance, Chubb and Starr — demanding answers and internal information about how each company underwrites, invests in and profits from the fossil fuel industry.
The inquiry also seeks their plans, if any, to follow the Paris Agreement’s commitment to lessen global warming, and their methodologies and projections for rates and coverage related to climate harms. The companies have until June 23 to respond and produce all the information demanded."
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