Demonstrators call for insurance to act on climate change at NAIC meeting
At NAIC's first meeting since Chubb's new coal policy, demonstrators called for insurers to cut ties with fossil fuels.
Over the weekend, demonstrators called on the insurance industry to act on climate change outside the National Association of Insurance Commissioners (NAIC) national meeting in New York City, the first meeting since Chubb became the first U.S. insurer to stop underwriting the construction or operation of new coal-fired plants to combat climate change.
Representing a variety of environmental and community groups, such as Mothers Out Front, Divest Invest, Greenpeace and New York Communities for Change, demonstrators dressed as insurance company mascots and handed out fliers to meeting attendees. The fliers called on insurers cut ties with fossil fuels by ending insurance coverage and investments for coal and tar sands projects and companies, and scale up investments and insurance for clean energy.
The demonstrations come as an anti-coal trend spreads throughout the insurance industry. According to GlobalData, insurers are providing coverage less frequently to energy providers that remain committed to coal. In 2018, AXA XL adopted AXA Group’s sustainability and climate strategy, which applies underwriting and investment restrictions to business related to the construction and operation of coal plants, coal mines, oil sands extractions and pipelines, as well as arctic drilling. Other European insurers have followed suit, however, U.S. insurers have been slow out of the gate.
“Insurance companies understand risk better than anyone, and they’ve understood the risks of climate change for decades. It’s time for Liberty Mutual, AIG, and the rest of the U.S. industry to become part of the solution,” Mary Sweeters, campaigner for Insure Our Future, said in a statement. “Ditching fossil fuels is not just a moral decision, it’s a financial one. Insurers are already paying for the damages caused by climate change and that will only get worse if they continue to invest in and insure fossil fuel. But most insurance companies only get a small percent of their profits from dirty energy industries so walking away is clearly the right choice.”
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