"As catastrophic wildfires spur insurance companies to raise homeowner premiums and drop thousands of policyholders across California, the industry has blamed climate change for fueling the blazes. Yet even as insurers sound the alarm about a warming planet, they continue to invest billions of dollars in the oil and gas sector, which scientists identify as the main driver of rising global temperatures as burning fossil fuels releases heat-trapping carbon gases into the atmosphere."
"In recent years, lawmakers, environmentalists, consumer advocates and California's former top insurance regulator have pressed insurers to divest from fossil fuel companies and phase out writing coverage for oil wells, coal mines and other extraction projects. They argue doing so is critical to accelerate a transition toward renewable energy and protect the insurance market from total collapse. The California Department of Insurance, led by Commissioner Ricardo Lara, said it has no plans to pursue regulation to force insurers to divest."
Catastrophic wildfires have led insurers to raise homeowner premiums and cancel policies for thousands across California. The industry attributes worsening losses to climate change while continuing to invest billions in oil and gas companies. Lawmakers, environmentalists, consumer advocates and a former state insurance regulator have urged insurers to divest from fossil fuel firms and stop insuring extraction projects to accelerate renewable energy and shield the insurance market. The California Department of Insurance under Commissioner Ricardo Lara does not plan to mandate divestment. Former commissioner Dave Jones likens insurers' fossil fuel investments to pouring gasoline on a wildfire. Insurers say fossil holdings are relatively small and part of diversified investment strategies.
Read at www.mercurynews.com
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