Make the Fossil Fuel industry pay for the insurance risk they create
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An Open Letter to Insurance Companies
We the undersigned understand that the insurance business model is based on assessing risk and setting rates to best offset the cost incurred by those risks. We understand that by now, insurers must have looked at the potential cost to their companies brought about by climate change. Certainly the travel, transportation, construction and agricultural industries stand to suffer greatly from climate change, and they buy insurance against their risks. This is also true of millions of individual property owners.
It is also true that climate change has created a great risk to the health of individuals. We understand that this leads to higher costs for medicine and treatments.
It is also true that if someone poses a risk to the larger population through their own actions, they pay more for insurance to defray the costs of the damage they are likely to cause. This is why young drivers and people with citations for reckless driving and DUI convictions pay more for their auto insurance.
By now, insurers must have assessed the possibility that climate change is being spurred by the actions of the fossil fuel industry. It is reasonable that insurers, as an industry, make the fossil fuel industry pay higher costs to offset the potential damage they will bring about. Insurers will need to pay out on the claims that result from the damage of fossil fuels; insurers should be charging them according to the risk they are asking insurers to take on.
We the undersigned are currently paying higher insurance rates brought on by the risks caused by the fossil fuel industry. We demand that these cost be shifted back to the industry itself. Insurers must make the fossil fuel industry pay higher rates to cover the burden they have placed on all of us.
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