Democratic lawmakers have called on U.S. insurers, including American International Group Inc., Berkshire Hathaway, Chubb Ltd., Liberty Mutual Insurance Co., MetLife Inc., and Travelers Cos Inc., to explain their compliance with fossil fuel insurance policies. their commitments for sustainability.
In a letter dated March 24, Senator Sheldon Whitehouse, D-Rhode Island, and Senators Jeffrey A. Merkley, D-Oregon, Elizabeth Warren, D-Massachusetts, and Chris Van Hollen, D-Maryland, request information on each insurer's insurance policy. and investment policies for fossil fuels.
“More and more of your competitors have stopped subscribing to coal and other fossil fuel projects and / or limited their investments in coal and some dirty and environmentally harmful oil and gas projects. like tar sands, ”said the letter.
The physical risks of climate change pose a serious threat to insurers on the asset side and the damage side of the business, the senators wrote. Transitional risk is also significant for insurance companies that hold large shares in fossil fuel assets, they said.
Insurers are asked what climate scenarios they have studied and whether they have carried out a stress test of the company's exposure to fossil fuel assets. ] “We recognize the risk of climate change for our planet and societies, and environmental sustainability has been a central focus for us for some time. We appreciate the opportunity to share with senators the important work we are doing in this area, said a spokesman for Liberty Mutual via email.
To date, at least 26 insurers worldwide have terminated or limited their coverage for coal projects, according to the Insure Our Future campaign.
The letter asks insurers to reply no later than 1