Groups Urge FIO to Focus on Insurance Industry Role in Climate Change and Impacts on Consumers, Communities

The consumer groups Consumer Federation of America, the Center for Economic Justice, Maryland Consumer Rights Coalition, and Consumer Federation of California sent comments to the Federal Insurance Office (FIO) on climate change and its impact on insurance. FIO asked for information on the insurance sector and its climate-related financial risks.

 The comments urge the FIO to take a leadership role in pressuring insurance companies to stop investing in fossil fuel projects and increasing protections for consumers facing higher insurance costs due to climate change. Insurers are partly responsible for the catastrophes wrought by climate change and should play a constructive role, not a destructive role. FIO should also establish workstreams that look at insurer projects that impact climate change, how available and affordable property insurance is and how climate change will affect costs, and coordinating a national effort and various strategies to mitigate climate risk.