Who Should Really Pay for Climate Change?

California's Largest Insurer, State Farm, Increases Rates and Seeks Further Hikes

• Homeowners: 17% increase
• Renters and Condo Owners: 15% increase
• Apartment Owners: 38% increase
• Proposed Further Increase: 11% for all residential properties

Other Insurance Companies Follow Suit

• Seeking rate hikes
• Leaving the state altogether

Who's Really to Blame?

Insurance Companies Should Target the Oil and Gas Industry

• Known for decades that fossil fuels cause climate change
• Instead of passing costs to homeowners, insurers should sue Big Oil and Gas

The Impact of Fossil Fuel Companies

Recent Study Published in Nature

• 111 fossil fuel companies caused $28 trillion in climate damage (1991-2020)
• Chevron: $1.98 trillion in economic losses
• ExxonMobil: $1.91 trillion in economic losses
• BP: $1.45 trillion in economic losses

Oil and Gas Industry Profits

• Over $1 trillion in the past decade alone

Insurance Companies' Role

Power to Hold Companies Accountable

• Climate change has led to $600 billion in insurance losses over two decades
• Climate-related disasters account for nearly 40% of the industry's total losses

Conflict of Interest

• Insurance companies heavily invested in fossil fuels
• Solution: Insurers should divest from fossil fuels

The Burden on California Property Owners

• Can't afford to shoulder the burden alone
• Call to Action: Insurance companies must hold Big Oil and Gas accountable