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In 2012, SCOR, one of the world's largest reinsurers, sued the French state, challenging a public–private natural disaster insurance scheme, called the "cat nat" regime. It campaigned in favour of a "real" natural disaster insurance market. The purpose of this paper is to grasp the logic of this litigation. It reveals growing tensions regarding the insurance of natural disasters, against the backdrop of climate change. To make sense of this, we will build on Christian Parenti's theory of the "environment making state". This approach aims at understanding the interaction between capitalism, states, and nature. The question we will pose is: what happens to "environment making" institutions in times of crisis? Crisis leads to the "politicisation" of "environment making": decisions concerning the management of natural hazards are increasingly taken by the executive branch. This "politicisation" may represent an important evolution in the relationship between capitalism, states, and nature in the future. [ABSTRACT FROM AUTHOR]