US (AMERICANS FOR FINANCIAL REFORM) : INSURANCE COMPANIES are JACKING PRICES and PULLING OUT OF COMMUNITIES.

 

Property insurance companies are raising premiums year after year while rolling back coverage and denying and delaying claims. Families are struggling to make ends meet, shouldering skyrocketing home insurance costs amid a historic affordability and fossil-fuel driven climate crisis, all while insurance companies are posting record profits while continuing business and investment practices that worsen climate risks and drive higher costs. In many states, regulators allow rate increases to move forward with limited scrutiny, even as insurers rely on pricing factors that have little connection to actual risk. Companies are using credit scores, education levels, and other financial data points to charge people more, locking in higher costs for those already facing the greatest financial pressure. Americans for Financial Reform is taking this fight directly to statehouses and insurance commissioners where these decisions are being made. We are supporting legislation in Pennsylvania to ban the use of credit scores in insurance pricing so companies cannot continue charging more based on financial background instead of real risk. We are exposing these practices in the media and building public pressure so regulators cannot ignore them. We are also advancing fossil-fuel accountability legislation to hold insurance companies responsible for addressing a root cause of rising insurance costs. In Connecticut, we testified in the state legislature to support legislation that would require insurers tied to fossil fuel activity to contribute to climate resilience, ensuring that companies who are underwriting the climate crisis help pay for and protect against the damage it causes. Make a donation today to help us take on the insurance industry and win real consumer and climate protections in the states. DONATE NOW >> This work is happening across multiple fronts. In Rhode Island, we are pushing a model policy to phase out insurance underwriting and investment in new fossil fuel projects and require a full transition away from fossil fuel exposure by 2035. That means forcing insurers to stop backing the expansion of the very industries driving climate disasters. In California, we testified directly before regulators to push for stronger oversight of insurers’ emissions and financial practices, making clear that companies cannot continue shifting climate costs onto the public while avoiding accountability. And, through our coalition work and legislative engagement in states like California and New York, we are advancing community-centered environmental justice insurance frameworks that center people and the planet while holding bad corporate actors accountable. The insurance industry has enormous resources and influence, and they are using both to block reforms, capture regulators, and protect their profit model. We are building the pressure to beat them, but this work depends on sustained organizing, research, and advocacy. Donate now to help us hold insurers accountable, lower costs, and fight for a system that actually protects people and communities. Thank you for taking action to hold insurance companies accountable, lower costs for families, and push for a system that actually protects people and communities. - Annie. Annie Norman (she/her) Associate Director of Campaigns Americans for Financial Reform. Support this Campaign Paid for by Americans for Financial Reform