Fossil fuel projects: seven US insurers under investigation

Seven major insurers are under investigation by the US Senate for continuing to insure and invest billions of dollars in fossil fuel projects.

Lawmakers have addressed letters to several insurers, including American International Group (AIG), Travelers Companies, Chubb, Berkshire Hathaway, Liberty Mutual, Starr and State Farm, demanding information about these investments.

Some companies are progressively reducing coverage for climate change risks due to their high cost, but are still backing fossil fuel projects.

The insurers in question have until 16 June 2023 to answer the Senate's queries and must provide supporting documentation by 23 June.