Political war over climate change shakes up insurance industry
Dark smoke billowing across the Richard Rogers-designed Lloyd’s of London headquarters and the banner unfurled by climate protesters last week provided a visible reminder of the political war over the role of the insurance industry in global warming.
On the same day in New York, another campaign group was pushing in the opposite direction, with the “anti-woke” group called Consumers’ Research targeting the offices of European insurers with a mobile billboard.
US insurers are also taking steps to reduce their risk individually. New York-listed Chubb, a leading energy insurer, announced new underwriting criteria that would require clients to reduce their emissions of methane, the largest component of gas and a significant contributor to global warming.
Insurers will continue to be dragged in both directions. A report from Greenpeace Nordic this week said 69 insurers, including Lloyd’s companies, still cover groups planning new oil and gasfields in Norway.
At the same time, anti-ESG campaigners are expected to intensify criticism of climate plans during a divisive US presidential election campaign in the year ahead.
“This is a distraction, but we stay the course,” said Curtis Ravenel, a senior adviser to Gfanz. The private sector could only “go so far”, he added, with government intervention to provide rules and standards needed to “truly catalyse climate action”.
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This story originally appeared on: Financial Times - Author:Ian Smith
