A new report published Tuesday reveals that climate change, fueled by fossil fuels, has caused an estimated \$600 billion in global insured weather losses over the past two decades. This alarming figure, described as an 'immense climate price tag' by the Insure Our Future campaign targeting the insurance industry, highlights the growing financial burden of climate change on the sector.
Insure Our Future, an international campaign backed by numerous advocacy groups like Ekō, Greenpeace, Mazaska Talks, Public Citizen, Rainforest Action Network, Reclaim Finance, the Sunrise Project, and Waterkeeper Alliance, released the eighth annual scorecard. The report, titled 'Within Our Power: Cut Emissions Today To Insure Tomorrow,' delves into the link between climate change and the insurance crisis based on 20 years of climate attribution science. It analyzes the financial implications of insuring fossil fuel and renewable energy activities and scrutinizes the coal, oil, and gas policies of 30 major primary insurers and reinsurers. While climate-related losses averaged around \$30 billion annually between 2002 and 2022, their share of total insured weather losses has been steadily increasing, emphasizing the urgency of decarbonization to curb escalating insurance costs. The report states that the climate-attributed portion of insured weather losses climbed from 31% to 38% over the last decade, with an annual growth rate of 6.5% significantly outpacing the growth of overall insured losses (4.9%). In 2022 alone, \$52 billion out of \$132 billion in insured weather losses were attributed to climate change. Additionally, the report reveals that estimated climate-attributed losses for 28 leading property and casualty insurers amounted to \$10.6 billion, approaching the \$11 billion in premiums they collected from fossil fuel activities
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New York to charge fossil fuel companies for damage from climate changeLarge fossil fuel companies would have to pay fees to help New York fight the effects of climate change under a bill signed by Democratic Gov. Kathy Hochul.
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New York to charge fossil fuel companies for damage from climate changeLarge fossil fuel companies would have to pay fees to help New York fight the effects of climate change under a bill signed by Democratic Gov. Kathy Hochul. The governor signed the new law Thursday.
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