Insure Our Future’s eighth annual scorecard report Within Our Power reveals that climate change accounts for an estimated $600 billion, or over a third, of global insured weather losses over the last two decades — an immense climate price tag that insurers have long been passing on to policyholders.
With voluntary corporate actions falling far short as irreversible tipping points loom, lawmakers and regulators must act decisively. Insure Our Future’s key recommendations include:
- Require insurers to develop, implement and disclose 1.5°C-aligned transition plans
- Mandate robust scenario analysis to account for the full complexity of climate-related events, including tipping points
- Oversee insurers’ management of climate risks, including how fossil fuel underwriting and investment exacerbate those risks, to ensure their stability and ability to provide coverage
- Implement policies that support just allocation of climate risks and costs to protect communities
