The Insurance Industry’s Continued Embrace of Fossil Fuel Projects is workning Cllimate Change, Which Ultimately Hits in the Form of Higher Premiums for Homeowners Insurance, Consumer Groups Said Wednesday.
The Four Organizations – US Pirg, Consumer Federation of America, Americans for Financial Reform and Public Citizen – Blasted the Insurance Industry on the Same Day Lobbyists for the American Property Casualty Association Were on Capitol Hill for their Annual “Legislative ACTION DAY.”
The Association, With Offices in Chicago and Washington, DC, Represents Home, Auto and Business Insurers.
The Consumer Groups Criticize The Insurance Industry for Underwriting Oil and Gas Expansion Projects and Investing Consumers’ Premium Dollars in Fossil Fuel Companies. Thatn, when Climate Change causes more frequent and severe weather events such as tornadous, hurricanes and wildfires, the insurers raise customer to pay for the billions of dollars in CLAIMS PAID OUT.
Illinois Saw the Second-Highest Premium Increatses in the Nation from 2021 to 2024, Rising About 50% to Avent of $ 2,942 for $ 350,000 in Replacement Coverage for A Typical Homeowner, according to A Report Last Month by the Consumer of American Federation.
The Aventhage Homeowners Premium Jumped 46% in the Chicago Metro Area Over The Same Period.
“The Insurance Industry has a Choice. It Can Continue to Fuel the Crisis, or it Help Solve it,” Said Mike Litt, Consumer Campaign Director for Pirg’s Education Fund.
Recently releassed data from public citizen shows an increes in nonrenewal rates of homeowners insuration, not only the coasts but also in pats of the midwest, which could indicate that companies are restricting or consumers can’t aftford the higher premiums, premiums, premiums, premiums. Fabian, Senior Insurance Policy Advocate for Public Citizen.
Dropping Insurance Could Vioate A Homeowner’s Mortgage Terms and Lead to Foreclove. If a person outs a home Outright but DROPS THEIR Insurance IT’SE’s time expensive, they’re left financially exposed if a weather disaster happens.
“Mary Consumers Are Already Reaching a Breaking Point,” Fabian Said.
More Expensive Homeowners Insurance Harms Low-Incom Communities The Most, As it stifles the Development of Affordable Housing, The Conumers Advocates Said.
The Rising Insurance Rates Come As President Donald Trump’s Administration is Rolling Back Efforts to Address Climate Change, Including with the Paris Agreement and Pausiness Power Development.
The administration Early this year announched the treasury Department of Federal Insurance Office WOULD FROM AN INTERNATIONAL COALTION OF CENTRAL BANKS AND FINANCIALS THAT WORKS ON MOBILIZING FINANCE AND MANAGING CLIMATE CLIMATIVE IN THE FINANCIAL SECTOR.
And It ‘Slashing Funding for the National Oceanic and Atmospheric Administration, which Conducts Weather and Climate Research, Including Data Collection and Modeling People Understand and Address Climate Change Risk.
The problem of Rising Homeowners Insurance Costs Goes Far Beyond Coastal Hit by Devasting Hurricanes, Midwestern States like Illinois Experiencing Damage More Frequent and Severe Thunderstorms and Wind Storms, the Consumer Advocates Say.
Some Insurers have adopted restrictions on underwriting Coal Projects. General Group, Based in Italy, Received Praise for Its Pedge to Leave the Coal Sector in 38 Countries by 2030 and Worldwide by 2040.
But Rather than Go All in Cleaner Energy, The US Insurance Industry Has Pushed for Better Wildfire Prevention and for Communities to Focus on Resilience to Climate Change.
Dave Snyder, Vice President of the American Proppery Casualty Insurance Association, Said while Its Handle Their Own Investments, “On Average, Property Casualty Have Recently Held A Lowle-Digit Percentage of Their Investments inves.
Snyder Said Insurers “Play an Important Role” by Making Sure their Underwriting Processs for Energy Projects Require Attention to “Safety, Loss Control, Risk Identification and Mythigation Controls.
“Proppers Casualty Insures Have Been Longime Leaders in Addressing The Impacts of Climate Change by Advocating for Stronger Mitigation, Resilience Effets and Building Codes,” Snyder Said.
He added that while while climate Change is controlling to higher insurance losses, there are bigger factors at play Like more expensive construction materials and labor.
Fabian Said State Insurance Regulators Need to Pay More Attention to Climate Change, Pointing to A Recent List of Legislative Priorities Issued in March by the National Association of Insociation Commissioners that Talked ABOUT catastrophes ”but did not mention Climate Change.
“How are they going to solve the will they can’t put on use the word?” Fabian Said.
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