In response to climate deniers, insurers must step up climate action

The document addresses the mass exit of insurers from the Net Zero Insurance Alliance (NZIA) following threats of antitrust legal action from 23 US state attorneys general. It asserts that climate change is already destabilizing the insurance business model through soaring catastrophe losses, particularly in North America, and urges insurers to stop funding climate-denying politicians and phase out fossil fuel support.

• As of June 5, 17 companies have resigned from the Net Zero Insurance Alliance (NZIA), reducing the alliance to less than half its size at the start of the year. This exodus includes founding members AXA, Allianz, Munich Re, SCOR, Swiss Re, and Zurich, leaving only Aviva and Generali from the original founding group of large European re/insurers.
• The resignations were triggered by a letter from 23 right-wing US state attorneys general who threatened NZIA members with antitrust legal action, accusing them of pursuing an "activist climate agenda" and linking their actions to high inflation.
• Climate-driven natural catastrophes are increasing insurance costs and making certain regions uninsurable. Global natural catastrophe insured losses have grown at an annual rate of 5-7% since the early 1990s, averaging $100 billion over the last five years, with 71% of these losses occurring in North America.
• In response to rising risks, insurers are hiking prices and exiting markets; specifically, two major home insurers have left California due to wildfire risks, and the Florida homeowners insurance market is described as being in a state of crisis.
• The document calls for the insurance industry to stop donating to climate-denying politicians, lobby for climate action, and phase out fossil fuels from investment and insurance portfolios to align with low/no overshoot 1.5°C pathways.

APA

Martin, L. (2023). In response to climate deniers, insurers must step up climate action. Reclaim Finance. https://reclaimfinance.org/site/en/2023/06/07/in-response-to-climate-deniers-insurers-must-step-up-climate-action/

Chicago

Martin, Léo. In response to climate deniers, insurers must step up climate action. Reclaim Finance, 2023. https://reclaimfinance.org/site/en/2023/06/07/in-response-to-climate-deniers-insurers-must-step-up-climate-action/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=In response to climate deniers, insurers must step up climate action |publisher=Reclaim Finance |date=7 June 2023 |url=https://reclaimfinance.org/site/en/2023/06/07/in-response-to-climate-deniers-insurers-must-step-up-climate-action/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2023response, author = {Martin, Léo}, title = {{In response to climate deniers, insurers must step up climate action}}, publisher = {Reclaim Finance}, year = {2023}, month = jun, url = {https://reclaimfinance.org/site/en/2023/06/07/in-response-to-climate-deniers-insurers-must-step-up-climate-action/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }