Across the country, homeowners are paying more for less insurance coverage as climate disasters grow more severe. Between 2021 and 2024, property insurance premiums rose 24 percent, twice as fast as inflation, while insurers canceled policies, denied claims, and withdrew from high-risk areas.
These same insurers are fueling the crisis they claim to be victims of. They invest billions in fossil fuel projects that drive the wildfires, floods, and storms destroying our homes and communities.
It’s a vicious cycle, one that leaves families unprotected while corporations profit. The Fossil-Free Insurers Act is model state legislation that breaks that cycle.
- Requires major insurers to phase out fossil fuel investments and underwriting by 2035,
- Imposes penalties for companies that fail to comply, and
- Directs funds toward clean energy and climate resilience for disadvantaged communities.
This is how we hold insurers accountable and protect the people they serve. For too long, insurers have operated in the shadows, quietly investing in fossil fuel expansion while blaming climate change for pulling out of vulnerable communities. The Fossil-Free Insurers Act changes that dynamic. It makes transparency, accountability, and climate responsibility a condition of doing business in our state.
By passing this legislation, lawmakers can ensure that every insurer operating here aligns its investments with science-based climate goals, discloses its fossil fuel ties, and prioritizes people over polluters. This reform would end the perverse incentives that reward companies for fueling the very disasters they cite to raise rates and finally give families the long-term protection and stability they deserve.