Insurers and Their Largest Shareholders Fail the Climate Test This Proxy Season

Questions about companies’ plans to address climate change dominate general meetings, shareholder proposals fail to receive majority support At their annual general meetings (AGMs) this year, U.S insurance companies Chubb, The Hartford, and Travelers and their largest shareholders failed this proxy season’s climate test. Concerned investors filed resolutions to address the climate and human rights-related …

Gwich’in Steering Committee Speaks at Travelers Annual Meeting, Requests U.S. Insurance Giant Not Support Oil and Gas Projects in the Arctic Refuge

Hartford, CT – Traveling over 4,300 miles from Alaska to Connecticut, the Gwich’in Steering Committee delivered a statement today at the Annual General Meeting (AGM) of Travelers, a major U.S. company with a history of underwriting oil and gas projects. Trillium Asset Management, shareholders of Travelers, invited GSC to speak on behalf of their proposal …

The Hartford Shareholders Fail Climate Test

Hartford, CT – Advocates calling for climate action from The Hartford said the insurer and its largest shareholders failed the climate test in light of results of a vote on a climate shareholder resolution at the company’s annual general meeting (AGM) last Wednesday. Shareholders were asked to vote on a resolution filed by Green Century …

Chubb Swings and Misses on Climate and Human Rights

Shareholders reject resolutions on climate change and human rights Zurich, Switzerland (May 17, 2023) – Unlike last year, in which 72% of shares cast supported a resolution from As You Sow, shareholders of Chubb Limited (NYSE: CB) did not pass the same measure on if and how it plans to measure, disclose, and reduce its emissions associated …

How does Chubb’s recent oil & gas policy measure up to climate science?

This factsheet compares Chubb’s new climate commitments against science-based recommendations and global peer insurers’ climate policies. Background: In March, the world’s leading climate science body IPCC issued a “final warning” to scale up rapid action to get on a 1.5 ̊C pathway, by stopping fossil fuel expansion. The same month, Chubb announced new policies stating …

In Proxy Statements, Insurers Double Down on Fossil Fuel Business Despite Claims of Climate Action

This past week, Chubb, The Hartford, and Travelers released proxy statements urging shareholders to vote against the climate and human rights resolutions on the ballot at their annual general meetings in May. These insurers are facing a growing challenge from investor advocates to curb fossil fuel underwriting, reduce emissions, and respect Indigenous rights, and, in …

Analysis: Chubb’s New Oil and Gas Standards on Conservation & Methane Emissions

Rainforest Action Network’s Assessment of Chubb’s Climate Commitments On March 22, 2023, Chubb announced a new suite of policies to restrict underwriting oil and gas extraction based on conservation and methane emissions criteria. Chubb will not insure oil and gas extraction projects that are located in specific protected areas or do not have evidence-based plans …

Texas bills target 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 …

Why are Connecticut Climate Activists Rallying at a Golf Tournament? The Climate Crisis is Why.

In April 2021, Travelers, the second-largest property and casualty insurer in the US, announced plans to become carbon neutral across its owned operations by 2030. However, that commitment failed to address Travelers’s massive contribution to climate change: its underwriting and investment portfolios.

Life Insurance Giant MetLife Doubles Down on Fossil Fuel Investments

Despite adopting a coal investment screen in 2020, MetLife is on a fossil fuel investment spree in Eastern Europe.

With New Policy, The Hanover Insurance Group Starts to Exit Coal and Tar Sands

Hanover has committed to cease new investments in many coal and tar sands companies and partly divest from these sectors by 2025.

Coal Exit Policies Add Billions of Dollars to Insurers’ Shareholder Value, Analyst Report Suggests

The following commentary by Peter Bosshard first appeared in Environmental Finance. Climate campaigners have pushed insurance companies to exit the coal sector for many years. They have now received support from an unexpected source: financial analysts. “We think the insurance sector’s most important contribution to ESG is exiting coal underwriting”, a recent report issued by the …

Insurance giant AIG still doing nothing on climate

In January 2020, outgoing AIG CEO Brian Duperreault made a point of saying that AIG will continue to offer insurance for the coal industry. Perhaps it’s not surprising, then, that AIG is at the back of the pack on climate action.

Webinar: Why Health Insurers Should Divest From Fossil Fuels

Why are health insurers investing in the fossil fuels that threaten human health? Please join Physicians for Social Responsibility, The Sunrise Project, and other health and environmental advocates to discuss the health impacts of fossil fuels and climate change and why health insurance companies should divest from fossil fuels. Speakers: — Barbara Gottlieb, Director of …

Who’s Insuring the Trans Mountain Pipeline?

A new campaign is demanding these companies respect Indigenous rights and drop their coverage.

Why the insurance industry must stop supporting fossil fuels

It’s time for U.S. insurers to catch up with global efforts to tackle the crisis. There are no more excuses.

Rolling Stone: Big Insurance Is Climate’s Quiet Killer

A coalition of climate justice organizations is targeting Liberty Mutual for underwriting fossil fuels By  ELANA SULAKSHANA  &  TAMARA TOLES O’LAUGHLIN The following article was published on April 20 at RollingStone.com. Climate and social justice advocates have long worked to connect the dots between flows of big money and the main players propping up the …

Are U.S. Insurers Breaking Up with Fossil Fuels?

In the last six months of 2019, four U.S. insurance companies took encouraging action to limit coal insurance, directly citing the risks of climate change to the economy and society.

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