Summary: HR 7340, introduced by Representatives Speakman, Boylan, Alzate, McGaw, Potter, and Cotter on January 28, 2023, and referred to the House Corporations, urges local insurers and the Rhode Island Property Insurance Association to take action to lower insurance costs for residents. The bill highlights the increasing risks and damages associated with climate change, which have been exacerbated by the fossil fuel industry's practices regarding their products' environmental impact. It points out that these climate-related issues have destabilized the state's insurance market, resulting in higher premiums and non-renewal rates for property insurance.

To address these challenges, the bill calls for insurers to pursue subrogation claims against polluters who have knowingly contributed to climate change. By holding these entities accountable, the bill aims to alleviate the financial burden on policyholders and taxpayers while ensuring that injured parties receive compensation for climate-related damages. The bill emphasizes the state's commitment to protecting its citizens from climate disasters and maintaining affordable access to insurance.