Insure Our Future, Not Fossil Fuels

Insurance companies are supposed to protect us from catastrophic risks. Yet when it comes to the largest threat to humanity – climate change – insurers are perpetuating dependence on fossil fuels by insuring new coal, oil and gas projects. Insure Our Future U.S. is a campaign holding the U.S. insurance industry accountable for its role in the climate crisis. 

Why Insurance

Insurance Company Climate Commitments

You can’t drive a car or buy a house without insurance. Likewise, without insurance, companies cannot build or operate coal plants or oil pipelines. Insure Our Future tracks insurance companies’ commitments to end support for the fossil fuels driving the climate crisis. 

0

The number of U.S. insurers restricting underwriting for conventional oil & gas.

6

The number of North American companies restricting underwriting for coal. Globally, 41 insurers have coal policies.

$582 billion

The estimated amount U.S. insurers have invested in fossil fuels.

It’s time for U.S. insurers to follow the science and ditch fossil fuels

As more insurance companies around the world restrict and end coverage for coal, oil and gas, fossil fuel companies face rate increases that could make new projects unviable. But U.S. insurers continue to provide a lifeline to the fossil fuel industry.

Insurers are also major investors—they have over $35 trillion in assets. Many invest their customers’ premiums in the fossil fuels driving climate change.

U.S. insurers should immediately stop insuring new fossil fuel projects and phase out existing coal, oil and gas insurance in line with a 1.5°C pathway.

 

Explore our campaigns to stop insuring the unacceptable. 

Our demands to the insurance industry:

1
Immediately cease insuring new and expanded coal, oil, and gas projects.
2
Immediately stop insuring any new customers from the fossil fuel sector which are not aligned with a credible 1.5ºC pathway, and stop offering any insurance services which support the expansion of coal, oil and gas production at existing customers. Within two years, phase out all insurance services for existing fossil fuel company customers which are not aligned with such a pathway.
3
Immediately divest all assets, including assets managed for third parties, from coal, oil, and gas companies that are not aligned with a credible 1.5ºC pathway.

Texas bill targets shareholders’ ability to hold insurers accountable for climate risks

Texas is ground zero for attacks on investor freedom to assess material risk. In 2023, 21 bills have been filed to prevent financial institutions and the state pension fund from considering environmental and climate risks, including two proposals targeting the insurance industry specifically.  It is critical that insurers are allowed to fulfill their role as …

Photo credit: Katie Godowski

SEC Rejects Shareholder Resolution Demanding Chubb Curb Insurance for Fossil Fuel Expansion

But Chubb proxy will include resolutions on emissions reductions and human rights reporting March 29, 2023 (Washington, D.C.) – Yesterday afternoon, the U.S. Securities and Exchange Commission (SEC) shared that it had rejected a shareholder resolution filed at Chubb calling on the insurer to adopt a time-bound phase out of underwriting new coal, oil, and …

Annual letter to the CEOs of 30 major fossil fuel insurers, 2023

Every year, the Insure Our Future network publishes an open letter to the CEOs of 30 major insurance companies whose fossil fuel policies are ranked annually by Insure Our Future, among which are: AIG, Allianz, AXA, Chubb, Generali, Liberty Mutual, Lloyd’s of London, Munich Re, SCOR, Sinosure, SOMPO, Tokio Marine and Zurich. The letter outlines …