Loopholes in policies and standards allow insurers to keep underwriting the expansion of fossil-fuel production, the group says
Frankfurt/London — A group of climate activists has called on 30 insurance company CEOs to “immediately” stop underwriting new fossil fuel projects in the wake of a stark climate warning from UN scientists, a letter, seen by Reuters, showed.
Other demands included stopping insurance for new fossil fuel customers not aligned with the goal, and adopting binding targets to reduce insured emissions by July 2023. While some insurers have tightened underwriting and investment policies to exclude some polluting industries from their business, the most stringent policies have focused primarily on coal rather than oil and gas.
US insurers Chubb, the Hartford and Travelers are among companies facing climate-focused shareholder resolutions at upcoming AGM.
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