The success of Republicans in triggering the break-up of a coalition of insurance firms aimed at tackling climate change is down to U.S. states being the industry's primary regulator, interviews with industry executives and former officials show.
, formed in 2019 to get insurers to commit to reducing greenhouse gas emissions in their underwriting portfolios to a net-zero level by 2050, has lost 12 of 28 members since attorneys general from 23 Republican-run U.S. states sent a letter to them on May 15. The letter sought information about the insurers' membership and threatened legal action over what it called anti-competitive behaviour pushing up prices.
The attorneys general have turned their attacks on environmental, social, and corporate governance practices in the business world into a political rallying cry. The reason, two insurance industry sources and a former regulator told Reuters, is that states are the regulators of insurers, unlike major banks and asset managers that are overseen primarily at a federal level in the United States.
Jones added that he did not believe that the attorneys generals' accusations of anticompetitive behaviour had merit.
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