View or download a PDF of the testimony here.

Americans for Financial Reform Education Fund submitted testimony to the Connecticut General Assembly on a bill that would assess a five percent surcharge on insurers for policies that support fossil fuel infrastructure in the state. The funds collected would then help fund resilience and flood data transparency – both of which are essential for communities to protect themselves and their assets. The insurance industry has long understood the risks associated with climate change and the central role burning fossil fuels plays in driving those changes. Yet instead of taking steps to protect consumers and plan for a future they know is coming, insurers are still actively contributing to the disasters they later refuse to cover, abandoning policyholders when the risks get too high. This bill would help rectify those disparities.