Bill > H7340

This resolution respectfully urges Rhode Island insurers and the Rhode Island Property Insurance Association to lower insurance costs for local residents by taking legal action, known as subrogation claims, against companies that have knowingly misled the public about the link between their products and climate change. The resolution acknowledges that rising global temperatures, caused by increased carbon emissions, are leading to more severe weather events and other climate-related harms, which in turn have destabilized the insurance industry, leading to higher premiums and policy cancellations. It draws a parallel to past successful claims against industries like tobacco and those involved in the opioid epidemic, where financial burdens were shifted from policyholders and taxpayers to responsible parties. The resolution emphasizes Rhode Island's interest in protecting its citizens from climate disasters and ensuring affordable access to insurance, as well as safeguarding consumers from deceptive practices.

Business and Industry

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