LOS ANGELES — A new report from California's insurance commissioner shows how much insurance companies are investing in fossil fuels in a continual effort to address the insurance industry's role in combating climate change.
"There's no good number of fossil fuel investments," said California Insurance Commissioner Ricardo Lara. "We need to transition companies as quickly as possible, and also give them a comprehensive strategy to get them to increase their green investments."
Insurance companies invest premiums paid by customers to help pay claims. According to the report, which covered insurance companies operating in California subject to regulation, more than $536 billion were invested in fossil fuels in 2019, or about 9% of managed assets.
