Climate change impacts and exacerbates nearly every challenge facing our state, from public health and healthcare costs to the threat of devastating wildfires. Marc Levine is ready to use the power of the Insurance Commissioner’s office to make a difference in California’s fight against climate change, and all the additional challenges that come with it.
- Require transparency from the insurance industry about what fossil fuel companies they are underwriting and investing in. The insurance industry is financially joined at the hip with big utilities like PG&E, and they lose billions a year from pipeline explosions, fires caused by their own faulty utility equipment, and other accidents, which leads them to raise rates on all of us. As the nation increasingly shifts away from oil and coal, the insurance industry must no longer depend on fossil fuels to stay afloat.
- Create a Climate Change Task Force of scientific and financial experts empowered to investigate the financial investments and underwriting practices of insurance companies, in order to ensure that their bad fossil fuel-related investment decisions do not result in exacerbating climate change or higher insurance premiums for California consumers.
- Prevent insurance companies from passing on their investment losses to California consumers in the form of higher insurance premiums. Neither the costs of utility mismanagement, nor the impacts of climate change should be arbitrarily passed through to consumers, who are being forced to suffer the consequences, bear the burden, and pay the price for circumstances beyond their control.