US insurance sector held $536bn in fossil-fuel related assets in 2019

Written by Adam Cadle

08/08/2023

The US insurance sector held $536bn in fossil-fuel related assets in 2019, according to a new report published by Ceres, ERM, and Persefoni.

The report, Changing Climate for the Insurance Sector, revealed that the top 16 US insurers alone held more than 50% of the half trillion dollars in fossil fuel-related assets owned by the sector.

Furthermore, the report also revealed that the top two US P&C companies, Berkshire Hathaway and State Farm Insurance, owned 44% of total fossil fuel-related assets owned by the entire sector. Asset ownership among life insurance companies was more broadly distributed, with the top two life insurance companies, TIAA Family Group and New York Life, owning 14% of assets owned by companies in that sector.

Ceres CEO and president Mindy Lubber said: “This report reveals the urgent need for insurers to address the financial risks of climate change posed by their fossil fuel holdings and take advantage of opportunities to accelerate the transition of their investment portfolios to a clean energy future.”

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