Global advocacy coalition Insure Our Future – which consists of organisations like The Sunrise Project, Coal Action Network, Market Forces, etc. – has published its annual letter to the chief executives of major fossil fuel insurers, outlining its demands and the industry’s supposed failures.
“Governments, businesses, and other actors all need to urgently scale up their efforts to avert an unmanageable climate breakdown,” reads part of the six-page letter seen by Insurance Business. “Insurers, as society’s risk managers, have a special responsibility to act and the power to drive change: without insurance most new fossil fuel projects cannot go ahead and existing ones cannot continue to operate.
“In the last few years many insurance companies have adopted exclusion policies which have helped accelerate the shift away from coal. However… overall the industry has failed to align its business with the scientific consensus on what is required to limit global warming to 1.5°C.”
In the letter, which was sent to the CEOs of 30 insurance companies, the 23 network members of the Insure Our Future campaign listed six actions that they believe must be carried out by insurers if they are taking the climate emergency seriously. These are the following:
“As always, your response to this letter will serve as the basis of our annual scorecard report on insurance, fossil fuels, and the climate emergency,” Insure Our Future told insurance bosses. “Our scoring partner Reclaim Finance will send a questionnaire with specific questions to your sustainability staff in the coming months… Companies should be rewarded for showing climate leadership and those delaying the transition from fossil fuels must be exposed.”
Insure Our Future did not enumerate all the companies it sent the letter to but cited AIG, Allianz, AXA, Chubb, Generali, Liberty Mutual, Lloyd’s, Munich Re, SCOR, Sinosure, Sompo, Tokio Marine, and Zurich in a release.
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