State insurance commissioners and legislators play a critical role in determining the insurance premiums people pay for their home insurance.[1] Insurance companies have increased homeowners insurance premiums by an average of 24 percent from 2021 to 2024 nationwide.[2] Premium rates are rising far faster in many places across the country including in a geographically diverse […]
Topic: Climate Finance & Insurance, Private Equity and Private Funds In a new report, Private Equity Climate Risks examines how the Global South is unfairly burdened by private equity’s investments in fossil fuels. While the Global North is responsible for the vast majority of excess emissions, communities of color in the Global South are hit hardest by the […]
Recent research reveals that homeowners with lower credit scores or who live in neighborhoods of color are often charged more for property insurance coverage even when the disaster risks they face are comparable to those paying less for insurance. As climate risk grows, borrowers perceived by insurance companies as having riskier credit characteristics could be disproportionally burdened by higher insurance costs that undermine their financial stability.
On the 20th anniversary of Hurricane Katrina, AFR/AFREF’s Associate Director of Housing Policy Caroline Nagy joined a webinar, “Katrina at 20: Climate Capital, Injustice, and the Path Forward,” hosted by Manley Consulting Group, The Horizon Project, Hip Hop Caucus, and Majority Action.
AFR shared maps and statistics with the Senate Environment and Public Works Committee and the Senate Banking, Housing, and Urban Affairs Committee prior to two hearings this month on the insurance crisis, which is compounded by climate change. The post Fact Sheet: Visualizing the Home Insurance Crisis appeared first on Americans for Financial Reform.
Public Citizen and Americans for Financial Reform Education Fund submitted a comment to the New York State Department of Financial Services (DFS) on its proposal to evaluate nonbank mortgage lenders in New York based on their performance in meeting the credit needs of the communities where they operate, including needs related to increasing climate risks […]
AFREF and 36 partners led a letter urging the Department of Treasury’s Federal Insurance Office (FIO) to swiftly release the homeowner insurance data that the National Association of Insurance Commissioners collected from over 330 insurers representing over 80% of the property and casualty market while also urging FIO to swiftly release a robust report analyzing […]
Americans for Financial Reform and Public Citizen along with 77 organizations and labor unions that advocate for racial, social, economic, and climate justice, wrote to urge Senate Majority Leader Schumer to confirm pending nominees for financial regulators and independent agencies like the National Labor Relations Board. The post Letters to Congress: Letter Urging Senate Majority […]
Americans for Financial Reform and Public Citizen along with 50 organizations that advocate for racial, social, economic, and climate justice, wrote to urge Senate Majority Leader Schumer to confirm pending nominees for financial regulators and independent agencies like the National Labor Relations Board. The post Letters to Congress: Letter Urging Senate Majority to Confirm Pending […]
AFR joined nearly 80 environmental and public interest advocates calling on Majority Leader Schumer to prevent the consideration of deeply flawed crypto legislation being discussed in the Senate Agriculture Committee because it would worsen climate emissions. Crypto is highly energy intensive and has already buoyed fossil fuel power plants, extraction, and climate emissions. The post Letters to […]