WASHINGTON, D.C. – Insurance giant American International Group (AIG) is planning to curb homeowners insurance sales for owners at high risk of floods or wildfires in 200 zip codes across the U.S. according to a report in the Wall St Journal. AIG is the third major insurer in recent days to announce cuts to the homeowners insurance lineup. In response, David Arkush, director of Public Citizen’s Climate program issued the following statement:
“AIG’s actions are shameful. It is a top global insurer of oil and gas—meaning that, more than most insurers on the planet, it is contributing to and profiting from the very climate harms that are increasingly devastating the lives and property of its own customers. As the harms grow more severe, it is simply abandoning them.
“AIG claimed to adopt strong climate policies in March 2022, including commitments to use ‘science-based targets’ to ‘meet the goals of the Paris Agreement’ in a ‘planned phase-out of fossil fuels.’ Since then, the company has taken no visible action to advance these policies. To the contrary, AIG has even refused to rule out underwriting the expansion of oil and gas, which is sharply at odds with its purported commitments.
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