State Farm has implemented significant rate hikes for California customers, raising homeowners' rates by an average of 17% due to losses from the Los Angeles wildfires. Renters and condominium owners are facing average increases of 15%, while apartment owners are seeing a 38% rise. Other insurers are also seeking rate hikes in response to climate-related threats. Insurers are encouraged to hold fossil fuel companies accountable for climate impacts rather than further burden homeowners, who are already struggling with costs. A recent study indicates that greenhouse gas emissions from fossil fuel companies have caused an estimated $28 trillion in climate damage since 1991.
State Farm has raised rates significantly in California, with an average increase of 17% on homeowners and 15% on renters following the Los Angeles wildfires.
The insurance industry is facing challenges, with many companies unable to renew policies or abandoning communities due to the threat of climate disasters.
Insurers are urged to demand accountability from oil and gas companies for their role in climate-related damages, rather than further burdening homeowners.
A study in Nature highlights that emissions from 111 fossil fuel companies resulted in an estimated $28 trillion in climate-related economic damage from 1991 to 2020.
Collection
[
|
...
]