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 …

Chubb Becomes First U.S. Insurer to Limit Insuring Oil and Gas Extraction Projects but Falls Short of Aligning with Climate Science

Insurance Giant Adopts Policy on Conservation Areas and Methane Emissions March 22, 2023 – Today, Chubb (NYSE: CB) announced a new suite of policies to restrict underwriting oil and gas extraction based on conservation and emissions criteria. According to its press release, Chubb will not insure oil and gas extraction projects that are located in specific …

Climate Votes Flags 2023 Shareholder Votes at Chubb, The Hartford, and Travelers

Climate Votes has published an investors’ brief highlighting the insurance sector’s high exposure to climate-related risks and identifying actionable opportunities that investors can take this AGM season to encourage mitigating these risks. Shareholders are increasingly concerned about the climate and human rights risks facing property and casualty insurance companies that underwrite energy projects and companies. …

Connecticut Considers New Bill to Make Fossil Fuel Polluters Pay for Soaring Climate Costs and Insurance Premiums Borne by Communities

Exxon Mobil, one of the world’s largest fossil fuel companies, made a record breaking $55.5 billion dollars in 2022 profits as the climate crisis devastated communities. Hartford, CT – The Connecticut Insurance and Real Estate committee held a hearing last Thursday on S.B. 1115, An Act Establishing a Surcharge on Insurance Companies in this State …

Connecticut’s Insurance and Real Estate committee holds public hearing to lower insurance premiums and invest in environmental justice communities

The Insurance and Real Estate committee will hold a public hearing tomorrow to lower insurance premiums and invest in environmental justice communities. When: Thursday, March 2, 2023, 2:30pm Where: CT General Assembly, Room LOB 2A, 210 Capitol Ave, Hartford, CT 06106 Streaming Link: YouTube Live INS  Hartford, CT – On Thursday, the Connecticut Insurance and …

Activists Call on AIG to Disavow Insurance Coverage of East African Crude Oil Pipeline

Groups Deliver Petition Signed by More Than 50,000 Calling on Insurance Giant to Publicly State Position on Project NEW YORK — Outside of American International Group Inc.’s (AIG) headquarters, activists from Public Citizen, Climate Families NYC, Sunrise Movement NYC, and other groups called on the insurance giant to publicly commit not to provide coverage for …

For the Second Year in a Row, Chubb Attempts to Silence Shareholders’ Climate Concerns

Following an unprecedented investor challenge for climate action at the largest U.S. fossil fuel insurers last year, Chubb is again facing two resolutions from shareholders addressing the insurance giant’s fossil fuel business and overall carbon footprint. And like last year, Chubb has issued no-action requests with the SEC in an attempt to silence shareholders’ climate …

How This Insurance Company is Undermining Climate Action

Originally published on Public Citizen’s website.  Since American International Group (AIG) crashed in 2008 because of its reckless bets on financial products linked to predatory mortgage lending, the insurance giant has faded from the headlines. And its CEO, Peter Zaffino, is far for a household name. But we should all pay more attention to AIG …

The Hartford’s Net Zero Announcement More Marketing than Climate Action

HARTFORD, CT (April 07, 2022) – Today, The Hartford announced a goal to achieve net zero emissions “for its full range of businesses and operations” by 2050. It did not provide any additional details on short-term actions, interim targets, or metrics to measure progress on emissions reductions. In response, Tom Swan, Executive Director of Connecticut Citizen …

AIG’s New Climate Commitments a Major Step Forward for Insurance Industry’s Transition Away from Fossil Fuels

Insurance Giant Rules Out Support for New Coal, Tar Sands, and Arctic Energy Exploration Projects and Commits to Net Zero Emissions by 2050 for Underwriting and Investments WASHINGTON, D.C. – American International Group Inc. (NYSE: AIG) today announced major new company-wide climate commitments, including commitments to no longer provide underwriting and investments in the construction …

Major Insurers Invest US $7.9 Billion in Oil & Gas Companies Active in the North Sea

February 8, 2022—Since 2019, 15 of the world’s major insurance companies have invested US $7.9 billion in companies conducting oil and gas drilling in the North Sea, which lies between the British Isles and mainland Europe. The research was conducted by Profundo and published by The Ferret. U.S. companies AIG and Travelers were among the …

Documents Reveal Chubb, MAPFRE, and Tokio Marine Backing Massive Offshore Oil Expansion in Brazil

AXA, Liberty Mutual, and others also implicated in Brazil’s oil expansion plans, despite the IEA’s warnings that limiting warming to 1.5°C requires an end to all fossil fuel expansion January 20, 2022 — Global insurance companies Chubb, MAPFRE, and Tokio Marine insure the majority of Brazil’s offshore oil and gas drilling, according to a report …

Fueling Climate Change: The Insurers Behind Brazil’s Offshore Oil Expansion

Global insurance companies Chubb, MAPFRE, and Tokio Marine insure the majority of Brazil’s offshore oil and gas drilling, according to a report entitled Fueling Climate Change: The Insurers Behind Brazil’s Offshore Oil Expansion released by Insure Our Future. Based on previously undisclosed documents, the report finds that these three companies insure Brazil’s national oil company Petrobras, which …

The Hartford Speeds Up Tar Sands Divestment, but Continues to Insure Fossil Fuel Expansion

The Hartford, one of the world’s largest oil and gas insurers, announced that it is speeding up its timeline for divesting from the tar sands oil sector, but did not commit to any other needed measures on fossil fuel expansion.

NEW REPORT: U.S. Insurance Companies Undermine Climate Targets by Supporting Oil & Gas Expansion and Providing a Last Lifeline to Coal

The U.S. insurance industry is undermining efforts to meet climate targets by continuing to support new oil and gas production, the Insure Our Future campaign reveals today in its fifth annual scorecard on insurers’ climate policies.

AXIS Capital Becomes First North American Insurer To Commit To Coal Phaseout

In a first for a North American insurers, AXIS Capital commits to stop insuring companies developing coal infrastructure and phase out all coal business in line with a 1.5ºC pathway.

NEW REPORT: U.S. Companies are Rife with Fossil Fuel Ties & Conflicts of Interest

Action at The Hartford’s offices today calls for ouster of Director Michael Morris  October 7, 2021 — Twenty percent of directors at US insurance companies have worked in the fossil fuel industry, according to new research by investigative reporters at DeSmog. When the analysis is expanded to include ties to the largest emitting companies and …

15-foot inflatable of Chubb CEO Evan Greenberg Erected at US Tennis Open

[photo credit George de Castro-Day] A 15-foot tall inflatable of Chubb CEO Evan Greenberg wreathed in flames appeared outside the US Tennis Open in Flushing Meadows, Queens. Citizen groups had a clear message for the US Open sponsor’s CEO: stop destroying the planet.

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