81% of respondents said the insurance industry should play an active role in helping to accelerate the transition to a clean energy economy
December 7, 2021 — A recent survey of 345 insurance employees and risk management students found that the majority are deeply concerned about climate change and want the industry to address it. Over half of respondents agreed that climate action should include reducing or ending fossil fuel underwriting and investments. The survey was conducted by Insurance Nerds and Insure Our Future. Respondents hailed from 20 countries across 5 continents, with the majority (76%) in the US.
Key findings from the survey:
- 81% of respondents said the insurance industry “should play an active role in helping to accelerate the transition to a clean energy economy”
- 59% of respondents said they were “very concerned” about climate change or rated it as their “top concern”
- 68% said re/insurers should divest their corporate holdings from the fossil fuel sector (coal, oil, and methane gas)
- 56% said re/insurers should ultimately stop underwriting fossil fuels (coal, oil, and methane gas)
Tony Cañas of Insurance Nerds said, “Millennials and Gen Zers are deeply worried about climate change and they want to work for companies that are leaders in this fight. They are also not afraid to vote with their feet, especially in a hot talent market like we have today and are likely to have for many years. Being on the right side of this effort is going to be radically important for your employer brand and your ability to recruit and retain the best up and coming talent in the next couple of decades.”
The survey results are consistent with documented views about climate change among Millennial and Generation Z members of the workforce; 68% of survey respondents were 40 or younger. Younger generations, who will be most impacted by the climate crisis, are increasingly looking for jobs that align with their values. Meanwhile, the US insurance industry faces a recruitment crisis, with approximately 25% of insurance professionals expected to retire in the next several years.
These findings stand against a backdrop of recent calls to stop fossil fuel expansion from global entities including the UN Secretary General and the International Energy Agency. US insurance companies like AIG, Travelers, Chubb, and Liberty Mutual have come under fire for failing to match the fossil fuel exclusion policies of their European peers.
Insurance Nerds is the go-to source for transformational talent development and career management serving the global insurance ecosystem.
Insure Our Future in the U.S. is a campaign comprising environmental, consumer protection, and grassroots organizations holding the U.S. insurance industry accountable for its role in the climate crisis. It is part of the global Insure Our Future campaign, which promotes a rapid shift of the insurance industry away from supporting and financing fossil fuels and towards accelerating the transition to a clean energy economy.