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Democrats on Senate Budget Committee Open Investigation Into Major Insurers

June 12, 2023
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Democrats on the U.S. Senate Budget Committee launched an investigation on Friday into major insurers’ “support” of new fossil fuel projects, on the heels of an industry retreat from areas prone to climate risks.

American International Group, Travelers Companies, Chubb, Berkshire Hathaway, Liberty Mutual, Starr and State Farm are under the committee’s scanner.

The companies were pressed for disclosures on how they evaluate climate-related risks and price insurance policies on fossil fuel projects.

“By underwriting and investing in new and expanded fossil fuel projects, U.S. insurers are helping Big Oil bring us closer to the worst runaway climate scenarios,” the Committee’s chairman Senator Sheldon Whitehouse said.

Some insurers have started to dial back coverage in disaster-prone areas, citing increasing costs of claims.

Late last month, State Farm said it would stop selling new insurance policies to homeowners in wildfire-prone California.

The companies did not immediately respond to Reuters’ requests for comment.

The insurers were also asked if they have clear policies to obtain consent from indigenous communities before underwriting or investing in projects that disproportionately impact such groups.

Besides Senator Whitehouse, Senators Ron Wyden and Bernie Sanders are part of the group that launched the investigation.

The companies were asked to provide information by June 16 and supporting documents by June 23.

Copyright 2025 Reuters. Click for restrictions.

Topics Carriers Politics

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Featured Comment

  • June 12, 2023 at 1:40 pm
    Texas Agent says:
    Like or Dislike:
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    Since when does carriers have to get “permission” to offer coverage that they have insured for decades. The forms and rating have been sent to DOI’s and are file and use unless they are on non-admitted carriers where these are not needed to write coverage.

Latest Comments

  • June 13, 2023 at 5:53 pm
    Jon says:
    Why do republicans like you keep trying to convince us that inflation is anyone but the billionaires' fault? We can survive perfectly fine if Republicans like you would stop g... read more
  • June 12, 2023 at 2:39 pm
    Tiger88 says:
    I agree! State Farm should immediately stop providing insurance on any and all internal combustion engines effective immediately! They will then become "good stewards of the... read more
  • June 12, 2023 at 2:26 pm
    James Masiello says:
    The names change but the message doesn't!! Whitehouse and Sanders - the two most liberal uninformed, useless US Senators now are after Fossil Fuel producers and users (car own... read more

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