“One of these days we are going to face a truly staggering loss.” Warren Buffett’s final letter to Berkshire Hathaway investors this year is worth re-reading. The message from a man worth over $150 billion is clear: the climate crisis is getting worse and we need to be prepared.

Buffett is not alone. A spate of mostly unreported warnings from leading insurance companies landed in 2025, all with equally bleak messages. Allianz said climate poses a “systemic risk” to its portfolio. GallagherRE said $150 billion damages a year from climate-related events is a “new normal.” MunichRE talks of $320 billion losses from these impacts in 2024. Aviva says extreme weather damages from 2014 to 2023 hit $2 trillion. When insurers are this vocal, we really ought to take notice.

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We live in an era in which many oil and gas experts increasingly feel the need to argue that accelerating the transition away from dirty energy represents a risk. They rarely, if ever, mention the costs of extreme weather due to climate change. But when even an organization in an oil rich county warns of the impacts, it’s clear no one is ignoring this........

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