“By underwriting and investing in new and expanded fossil fuel projects, U.S. insurers are helping Big Oil bring us closer to the worst runaway climate scenarios,” said Democratic Sen. Sheldon Whitehouse.

By Kenny Stancil. Published 6-9-2023 by Common Dreams

As insurance giants limit coverage in hundreds of disaster-prone areas across the United States, a Senate panel on Friday launched an investigation into seven major carriers’ continued backing of planet-heating fossil fuel projects that are driving increasingly frequent and severe extreme weather.

Senate Budget Committee Chair Sheldon Whitehouse (D-R.I.) sent letters to the executives of seven companies—American Insurance Group (AIG), Berkshire Hathaway, Chubb, Liberty Mutual Group, Starr Wright USA, State Farm, and Travelers Insurance—demanding that each firm disclose how it underwrites, invests in, and profits from coal, oil, and gas.

Continue reading →