US (AFR) : We’re taking on the insurance industry’s dangerous climate betrayal .

 

Home insurance companies are squeezing policyholders for higher premiums in the middle of an affordability crisis. They have abandoned entire communities, left claims unpaid or denied, all while more frequent climate disasters grow more destructive. They’re padding their historic profits by pushing the financial burden onto the people who depend on them, leaving homeowners, renters, and taxpayers to bear more of the cost when disaster strikes. At Americans for Financial Reform, we’ve spent years fighting to expose how the insurance industry would rather put its profits first — ahead of protecting our homes and communities (which is what we pay them for) — and get away with assuming almost no responsibility for climate risk. Now, senior insurance insiders are sounding the alarm themselves. A new report from Inside Track draws on accounts from 24 industry professionals who, at great personal risk, are speaking out anonymously to warn that insurance companies are retreating from climate risks and that only relying on voluntary initiatives will fail to provide the protection society needs. Their warning strengthens the case we’ve been making to policymakers and the public. Allowing insurance companies to charge more, provide less, and walk away from climate responsibility leaves families’ financial security in grave jeopardy and worsens the climate crisis. In places like California, Florida, and Louisiana, we’ve already seen insurance companies scale back, cancel coverage, leave markets, and delay and deny claims for disasters that destroy people’s homes and a lifetime of savings. AFR fights to expose this bad industry behavior and pressure regulators and lawmakers to hold insurance companies accountable. Through research, media outreach, and advocacy in the halls of power, we’re challenging corporate excuses and demanding that regulators require insurers to pay claims fairly, serve their policyholders, and help contribute to meaningful mitigation of the climate risks threatening our communities. Can you contribute $5 or more to fund AFR’s work exposing the insurance industry and fighting for protections that put families first? If you've saved your payment information with ActBlue Express, your secure donation will go through immediately: Chip in $10 now Chip in $25 now Chip in $150 now Chip in $300 now Chip in $500 now other amount Insurance companies want to keep collecting profits while leaving someone else responsible for the growing damage. When they withdraw coverage, families face devastating losses, renters face higher housing costs, and governments must stretch already limited disaster recovery resources. Yet too many insurance regulators continue catering to the companies they oversee. Years of voluntary commitments and industry assurances have left communities dangerously exposed. AFR is pressing officials to confront those failures and use their authority to protect the public. We’re also pushing for solutions that address the crisis over the long term, including stronger climate protections, investments that help communities withstand disasters, accountability for corporations whose pollution has contributed to the damage, and exploration of public insurance alternatives. An industry built around maximizing short-term profits cannot be allowed to run amok and dictate the future of our housing and financial systems. This is the sustained work your support makes possible. Contribute $5 or more today to help AFR expose insurance company abuses, challenge the industry’s influence, and fight for families’ financial security. Together, we can hold a powerful insurance industry accountable. -Annie. Annie Norman (she/her) Associate Director of Campaigns Americans for Financial Reform Support the campaign Americans for Financial Reform