American International Group (AIG), Berkshire Hathaway, Travelers, and Chubb are among the ten insurers that collectively invested over $59.7 billion in fossil fuels in 2019, finds an analysis released today by Insure Our Future, Public Citizen, and Rainforest Action Network.
The report analyses 2019 data released in April 2022 by the California Department of Insurance to determine the fossil fuel holdings of 10 major insurers of fossil fuels in North America.
Other key findings include:
- The ten insurers analyzed invested a total of $30.8 billion in oil and gas in 2019.
- The insurers with the largest fossil fuel investments in 2019 were AIG ($24.2 billion) and Berkshire Hathaway ($20.8 billion), followed by Travelers, Chubb, The Hartford, and Liberty Mutual.
- AIG had the highest percentage of fossil fuel investments relative to total investments, with 11.40% of its 2019 assets under management analyzed in fossil fuels. The average 2019 ratio was 4.87% among the ten companies analyzed.
- The insurers in the brief also invested a total of $1.9 billion in tar sands and $272 million in coal.