As climate disasters create an insurance crisis, a California bill seeks to make fossil fuel companies pay
… [T]he Affordable Insurance and Recovery Act would empower California’s attorney general to sue fossil fuel companies over climate damages in an effort to shore up insurance. Amid destructive wildfires, insurance companies have retreated from California in large numbers and increased policy costs significantly, according to advocates and experts. … The new bill, introduced by Democratic state Sen. Scott Wiener of San Francisco, would have Big Oil companies pay up for the ways fossil fuels have historically contributed to the global warming that is driving conditions for deadly wildfires, more powerful storms and other weather extremes. … Climate disasters fueled by climate change, including larger and more destructive wildfires, floods and other extreme weather events, are “exploding” insurance costs, Wiener said.
Related article:
- Los Angeles Sentinel: Opinion: Burning costs, burning futures — it’s time for insurance fairness
