In 2023, the United States experienced a record number of weather-and climate-related disasters that each caused $1 billion or more in damages: 28 severe storms, floods, wildfires, winter storms, hurricanes, and droughts, according to the National Oceanic and Atmospheric Administration (NOAA).
Since 1980 the United States has experienced 376 billion-dollar of these events, with 16,340 deaths and damages totaling $2.6 trillion.
The insurance industry stands on the front lines of this climate crisis. Every time a climate-related fire, flood, or storm damages or destroys an insured person’s home or business, they expect their insurance policy to help foot the bill for repairs and rebuilding.
Abandoning policy holders in a climate crisis…
Unfortunately, as climate events become more common, major insurance companies have begun to cancel or restrict coverage in climate-vulnerable states. In September, Nationwide, headquartered in Columbus, Ohio, announced it would not renew homeowners’ insurance for over 10,500 policy holders in coastal North Carolina due to hurricane risk.
Nationwide isn’t the only big insurance company dropping policy holders. In May, State Farm stopped taking new applications for homeowners insurance in California due to “rapidly growing catastrophe exposure.” In June, Allstate followed suit. In July, Farmers Insurance stopped offering home and auto policies in Florida, forcing 100,000 ratepayers to find new insurance.
… while investing billions in fossil fuels
Meanwhile, these same companies are investing billions of dollars from our insurance premium dollars in fossil fuel companies at the root of the climate crisis, according to the Investing in Climate Chaos database by Urgewald, a German environmental organization.
According to the database, Nationwide invests $4.5 billion in fossil fuels, including in BP, responsible for the most catastrophic oil spill in U.S. history; FirstEnergy, responsible for largest political bribery scheme in Ohio history; and ConocoPhillips, in charge of the climate-breaking Willow oil project in the Arctic. Their holdings also include two companies doing fracking in Ohio: Antero Resources Corp. and Southwestern Energy Co.
Berkshire Hathaway, which owns Geico, invests the most in fossil fuels of all U.S. insurance companies: $9.4 billion in coal and $45.7 billion in oil and gas. Berkshire Hathaway is the top investor in Chevron. State Farm is second in fossil fuel investments among U.S. insurance companies, with $18.2 billion, including $7.9 billion in coal and $10.3 billion in oil and gas. It is the 12th-largest investor in Exxon.
Below is a table of large insurance company investments in fossil fuels.
On February 26, tell Nationwide: Insure our future, not fossil fuels
It is hypocritical at best for major insurance companies to drop policy holders due to climate risk while actively investing billions of dollars in fossil fuels that increase climate risk.
On Monday, February 26, at noon, please join us to tell Nationwide to insure our future, not fossil fuels! We will be on the High Street sidewalk just outside Nationwide headquarters, One Nationwide Plaza, 1 W. Nationwide Blvd., Columbus, OH 43215.
This is a busy downtown location with plenty of passers-by. We can be on the public sidewalk as long as we do not block pedestrian traffic. We will have signs, banners, music, chanting, and flyers to hand out, as well as a letter to deliver to Nationwide after the event is over.
Please register to attend this event so we can keep you informed of any last-minute changes in plan, such as weather delays or street closures. Register at bit.ly/nationwide2-26.
This event is co-sponsored by Save Ohio Parks and Third Act Ohio as part of the Insure Our Future Global Week of Action. Questions? Email hello@saveohioparks.org.
