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Insure Our Future in letter to insurers: “Total the business has failed”

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Insure Our Future in letter to insurers: "Overall the industry has failed"

Insure Our Future in letter to insurers: "Overall the industry has failed"

International advocacy coalition Insure Our Future – which consists of organisations like The Dawn Venture, Coal Motion Community, Market Forces, and many others. – has revealed its annual letter to the chief executives of main fossil gas insurers, outlining its calls for and the business’s supposed failures.

“Governments, companies, and different actors all have to urgently scale up their efforts to avert an unmanageable local weather breakdown,” reads a part of the six-page letter seen by Insurance coverage Enterprise. “Insurers, as society’s threat managers, have a particular accountability to behave and the facility to drive change: with out insurance coverage most new fossil gas tasks can not go forward and current ones can not proceed to function.

“In the previous couple of years many insurance coverage firms have adopted exclusion insurance policies which have helped speed up the shift away from coal. Nevertheless… total the business has did not align its enterprise with the scientific consensus on what’s required to restrict international warming to 1.5°C.”

Campaigners’ calls for

Within the letter, which was despatched to the CEOs of 30 insurance coverage firms, the 23 community members of the Insure Our Future marketing campaign listed six actions that they imagine have to be carried out by insurers if they’re taking the local weather emergency severely. These are the next:

  1. Instantly stop insuring new and expanded coal, oil, and fuel tasks.
  2. Instantly cease insuring any new clients from the fossil gas sector which aren’t aligned with a reputable 1.5ºC pathway, and cease providing any insurance coverage companies which assist the enlargement of coal, oil, and fuel manufacturing at current clients. Inside two years, section out all insurance coverage companies for current fossil gas firm clients which aren’t aligned with such a pathway.
  3. Instantly divest all belongings, together with belongings managed for third events, from coal, oil, and fuel firms that aren’t aligned with a reputable 1.5ºC pathway.
  4. By July 2023, outline and undertake binding targets for lowering your insured emissions that are clear, complete, and aligned with a reputable 1.5ºC pathway.
  5. Instantly set up, and undertake as coverage, sturdy due diligence and verification mechanisms to make sure purchasers totally respect and observe all human rights, together with a requirement that they get hold of and doc the free, prior, and knowledgeable consent of impacted indigenous peoples as articulated within the UN Declaration on the Rights of Indigenous Peoples.
  6. Instantly convey stewardship actions, membership of commerce associations, and public positions as a shareholder and company citizen consistent with a reputable 1.5ºC pathway in a clear approach.

“As all the time, your response to this letter will function the idea of our annual scorecard report on insurance coverage, fossil fuels, and the local weather emergency,” Insure Our Future informed insurance coverage bosses. “Our scoring associate Reclaim Finance will ship a questionnaire with particular inquiries to your sustainability employees within the coming months… Corporations ought to be rewarded for displaying local weather management and people delaying the transition from fossil fuels have to be uncovered.”

Insure Our Future didn’t enumerate all the businesses it despatched the letter to however cited AIG, Allianz, AXA, Chubb, Generali, Liberty Mutual, Lloyd’s, Munich Re, SCOR, Sinosure, Sompo, Tokio Marine, and Zurich in a launch.

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