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Climate disasters are intensifying and happening more often, and insurance companies are raising rates, canceling coverage, denying claims, and making record profits. In fact, property insurers recently had their most profitable year in history — not exactly the mark of an industry that’s struggling to grapple with the climate crisis, as they would have us believe. There’s way more to the story. The reality is insurance companies are almost certainly using climate disasters to extract more profit from their customers. State insurance commissioners can and should be pushing for transparency to highlight who is truly paying the costs of climate disasters and to protect people from predatory insurance companies — but every time they collect data, the industry pressures them to bury it. Right now, state insurance commissioners are collecting data on premiums, nonrenewal rates, claims, and more. We need to demand they make this data public so people can see what insurance companies are really up to and so that legislators and regulators can prevent exploitation.
By keeping insurance data secret, commissioners are shielding an industry engaged in profit funneling, accounting tricks to disguise profits, and discriminatory practices like redlining, all while quietly denying claims. Meanwhile our premiums soar, and they get even richer. The last time the federal government released insurance industry data, it revealed a market roiled by the climate crisis, where working people pay the price, and insurers make obscene record profits. That’s why the industry doesn’t want to make this data public. Pressure on your insurance commissioner to reveal the truth. Send your message now. Insurance commissioners need to put people over profits. That starts with not allowing insurance companies to keep the public in the dark. - Annie Annie Norman (she/her)
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