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<\/div>\nTop insurance companies suffered $10.6 billion of climate-attributed losses this year, just shy of the $11.3 billion of direct premiums they underwrote for commercial fossil-fuel clients in 2023, according to Insure Our Future<\/a>.<\/p>\n Of the 28 insurers reviewed, more than half were hit by climate-attributed losses that exceeded the coal, oil and gas premiums they earned, Insure Our Future said Tuesday in a statement. On average, fossil-fuel premiums account for less than 2% of total premiums, raising questions about why insurers aren\u2019t using their immense influence to protect the other 98% of their business from spiraling climate risks.<\/p>\n The report said climate change accounted for about $600 billion, or more than 33%, of global insured weather losses over the past two decades. Climate-attributed losses rose to an average 38% of total insured weather losses over the past decade, up from 31%.<\/p>\n The insurance industry has itself warned about the rising toll. Insured losses from natural catastrophes are on track to exceed $135 billion in 2024, Swiss Re said in a recent statement<\/a>. It marks the fifth consecutive year that insured losses from natural disasters will break the $100 billion mark.<\/p>\n Insure our Future said the climate price tag should persuade the firms to stop underwriting fossil-fuel expansion and align their businesses with 1.5C transition pathways.<\/p>\n \u201cInsurers are walking away from communities to protect shareholder returns from losses, sparking the crisis of insurance affordability and access,\u201d the report said.<\/p>\n Photograph: Cooling towers at power plant; Photo credit: Krisztian Bocsi\/Bloomberg<\/em><\/p>\n Related:<\/strong><\/p>\n Topics<\/span> Carriers<\/a> Profit Loss<\/a> Energy<\/a> Oil Gas<\/a> <\/p>\n<\/p><\/div>\n Was this article valuable?<\/p>\n<\/p><\/div>\n
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