Insurers’ Climate Losses Almost Match Fossil-Fuel Premiums (1)

Top insurance companies suffered $10.6 billion of climate-attributed losses last year, just shy of the $11.3 billion of direct premiums they underwrote for commercial fossil-fuel clients, according to Insure Our Future.

Of the 28 insurers reviewed, more than half were hit by climate-attributed losses that exceeded the coal, oil and gas premiums they earned, Insure Our Future said Tuesday in a statement. On average, fossil-fuel premiums account for less than 2% of total premiums, raising questions about why insurers aren’t using their immense influence to protect the other 98% of their business from spiraling climate risks.

Insure Our Future ...