In this op-ed, a risk management student argues that the insurance industry could help address the climate crisis by refusing to back environmentally-destructive projects.
According to the new policy, AXIS will not provide insurance or facultative reinsurance for new thermal coal or tar sands extraction and pipeline projects and their dedicated infrastructure. It will also end coverage for companies generating at least 30% of their revenues from thermal coal mining, producing at least 30% of their power from coal, or holding more than 20% of their reserves in tar sands.
Today, at the National Association of Insurance Commissioners (NAIC) meeting demonstrators called on the U.S. insurance industry to act on climate change by cutting ties with fossil fuels. This was the first NAIC meeting since Chubb became the first U.S. insurer to release a coal policy severely limiting its involvement with the coal industry.
July 1st, 2019 - Today, Chubb (NYSE: CB), the largest commercial insurance company in the United States, announced a new policy on coal to address the climate crisis. According to the policy, Chubb will stop insuring new coal-fired power plants and phase out coverage of coal mining companies by 2022. Chubb will also restrict coverage to power companies that produce more than 30% of their energy from coal and immediately cease new investments in coal companies.
Zurich, Switzerland - Today, Zurich Insurance Group announced an updated fossil fuel policy which commits to cutting both insurance and investment support for coal developers, utilities, mine operators, and companies significantly involved in tar sands or oil shale. The policy will make Zurich the first primary insurer to refuse coverage to tar sands companies as well as companies that are dedicated transportation infrastructure operators for oil sands products, including pipelines and railways.
Statue of Liberty Costume-Clad Protesters Deliver Petition Signatures to Liberty Mutual CEO David Long, calling on the insurance giant to take a stand
BOSTON, MA – Tens of thousands of people around the globe have signed a petition calling on Liberty Mutual to rule out insuring Adani Group’s proposed Carmichael coal mine in Australia. Boston-area signatories and the Insure Our Future campaign brought this demand to Liberty Mutual’s HQ in Back Bay on Friday morning.
When thousands of experts and practitioners in the insurance industry and risk management field gather later this month, will the conversations reflect the urgency with which we need to address the biggest risk of all - climate change? Will they acknowledge the US insurance industry’s role supporting the drivers of climate change?
Insurers Blame Climate Change For Mounting Catastrophe Losses Yet Still Insure the Fossil Fuel Infrastructure That Exacerbates Wildfires, Mudslides and Flooding
LOS ANGELES, CA --- More than 60 environmental, consumer and social justice organizations petitioned California Insurance Commissioner Ricardo Lara today seeking first in the nation emergency regulations to require insurance companies to disclose the fossil fuel projects they insure, even as climate change-exacerbated catastrophes are costing insurance companies billions.
Don Jergler | Insurance Journal | March 14, 2019
Expect calls for the insurance industry to stop investing in or insuring the fossil fuel industry and fossil fuel projects to grow louder in California and throughout the U.S.
A report from the Institute for Energy Economics and Financial Analysis (IEEFA) released in late February found that on average, somewhere in the world, a bank, lender, or insurer restricts their funding for the coal sector.
No major US insurance companies are among these financiers ditching coal - when will US insurers’ actions reflect the economic and planetary reality?
While Europe-based global insurers like Swiss Re and Allianz have been moving in the right direction, their U.S. counterparts have been falling farther and farther behind. But one company in the United States has established itself as a leader on this issue: Lemonade. The online home and renters’ insurance company has committed to never investing in fossil fuels.
Ken Silverstein | Forbes | December 7, 2018
Just as 200 nations are meeting in Poland to discuss their climate initiatives, Europe’s insurance sector is unleashing its own plan: it is increasing the pace of its investments in green energy while divesting of some businesses that are carbon intensive. Will American insurers make similar moves?
Julia Kollewe | The Guardian | December 3, 2018
UK and US insurers are lagging far behind European firms when it comes to divesting from coal-heavy businesses and refusing to insure them, campaigners have warned.
At least 19 major insurers holding more than $6tn in assets – a fifth of the industry’s global assets – have now divested from coal, according to a report from the Unfriend Coal campaign, which represents a coalition of a dozen environmental groups including Greenpeace, 350.org and the Sierra Club.
Michael Finney | KGO | December 03, 2018
SAN FRANCISCO (KGO) -- In the 1980s and 1990s corporations were accused of enabling apartheid by investing in and doing business with South Africa. The divestiture movement took hold and played a major role in ending the racial separation policy. Now a new divestiture movement is being built. This one concentrates on global weather change.
The Global Climate Action Summit which took place in San Francisco a couple months back made international headlines. But there was one panel that you probably never heard a word about, Insure Our Future.