Insurers Are Still Backing Oil and Gas Industry Despite Rising Climate Threat

11/09/2023 12:12
Insurers Are Still Backing Oil and Gas Industry Despite Rising Climate Threat

Insurers are continuing to provide cover for increased oil and gas production even as they face large losses fueled by climate change, according to a new report.

Insurers are continuing to provide cover for increased oil and gas production even as they face large losses fueled by climate change, according to a new report.

About 80% of the insurance market and 53% of the reinsurance market don’t have restriction policies for oil and gas, a major source of planet-warming emissions, according to data compiled by Insure Our Future. The industry is doing better on coal, where a wider adoption of restrictions has made it much harder to insure new projects, the nonprofit said.

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