{"id":11523,"date":"2023-05-20T20:40:30","date_gmt":"2023-05-21T00:40:30","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/fossil-fuel-insurance-is-turning-into-a-climate-change-fight-whats-at-stake\/"},"modified":"2023-05-20T20:40:31","modified_gmt":"2023-05-21T00:40:31","slug":"fossil-fuel-insurance-is-turning-into-a-climate-change-fight-whats-at-stake","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=11523","title":{"rendered":"Fossil Fuel Insurance Is Turning Into a Climate Change Fight. What’s at Stake."},"content":{"rendered":"

Last October, about 50 activists gathered outside a luxury apartment in Manhattan belonging to Evan Greenberg, CEO of insurance giant
\n Chubb.<\/span>
\n \u00a0<\/strong>The group delivered a petition signed by over 50,000 people, urging Greenberg to stop underwriting and investing in oil and gas expansion. <\/p>\n

\u201cFossil fuels kill,\u201d said the campaigners, according to a video posted on the Rainforest Action website. \u201cAnd
\n Chubb,<\/span>
\n by continuing to finance oil, gas, and coal projects, you are killing us.\u201d<\/p>\n

\n

For decades, insurers lurked in the shadows as the fossil fuel industry and their Wall Street sponsors took most of the heat as the culprit of climate change. Now, many activists want insurance companies to be a key player in the fight against climate change.\u00a0<\/p>\n

\u201cWithout insurance companies\u2019 underwriting support, fossil fuel projects cannot expand and operate, because nobody will provide loans and investments to the uninsured risks,\u201d says Risalat Khan, senior strategist at the Sunrise Project, a climate activism group.<\/p>\n

While premiums from fossil fuel underwriting accounts for a small portion of property and casualty insurers\u2019 total revenue, pulling the plug could deal a blow to the energy industry. Insurance companies also invest their massive premiums into interest-generating assets, and activists have been calling them to divest from fossil fuel as well.<\/p>\n

Meanwhile, the increasingly frequent and severe extreme weather events are denting insurers\u2019 balance sheets more than ever. The insured loss caused by natural catastrophes have been growing at an annual average rate of 5% to 7% over the past three decades, according to Swiss Re, one of the largest reinsurers that help insurance companies spread their risks.\u00a0\u00a0\u00a0\u00a0<\/p>\n

Companies will need to quickly adjust their risk model, pricing strategy, and even decide whether to stay in certain regions at all. \u201cInsurers are at the forefront of climate risk,\u201d says Andrea Ranger, a shareholder advocate at Green Century Capital Management, \u201cPremiums will go up, and areas where they can insure will start to shrink.\u201d<\/p>\n

The insurance industry has already started shifting away from fossil fuels over the past few years. European insurers, including
\n Allianz
\n (ticker: ALV.Germany),
\n AXA
\n (CS.France), and
\n Zurich Insurance Group
\n (ZURN.Switzerland) were among the first to set restrictions on their investment and underwriting of coal mining and coal-powered energy plants. In 2019, Chubb (CB) became the first U.S. insurer to do so. Today, it is difficult for new coal projects outside of China to find insurance coverage. \u201cIt really squeezed the market and availability for insurance related to coal,\u201d says Khan.<\/p>\n

Insurers also have moved to restrict underwriting of tar sand projects, a lesser known way to produce gasoline and other oil products by mining a sticky mixture of sand, clay, water, and bitumen\u2014a liquid or semi-solid form of petroleum.<\/p>\n

Still, activists argue that more progressive actions are needed, especially on natural gas and oil expansion. \u201cThe European insurers have much more ambitious policies on exclusions that cover oil and gas development,\u201d says Green Century\u2019s Ranger. \u201cWe have not seen that kind of action here.\u201d<\/p>\n

But change may be coming. Earlier this year, Chubb announced new underwriting criteria that would require oil and gas extraction projects to reduce their methane emissions. The firm also said that it will no longer provide coverage for oil and gas projects in government protected conservation areas.<\/p>\n

It\u2019s a small step, but activists welcomed the progress. \u201cNow, the expectation builds on other U.S. companies to also put forward oil and gas related policies,\u201d says Sunrise Project\u2019s Khan. <\/p>\n

Despite being the pioneer among U.S. insurers, Chubb has refused to commit to net-zero pledges, noting that there is no viable path to achieve such goals. The company strives to reach a balance between the transition to a low-carbon economy and society\u2019s need for energy security, said CEO Greenberg in a statement announcing the new underwriting policy.\u00a0 <\/p>\n

\u201cWe don\u2019t yet have great alternatives to gas and oil, and it would be irresponsible of us not to continue to insure those in a responsible way,\u201d Greenberg said at a conference last year. \u201cWe\u2019re trying to develop an ability to underwrite new projects in a scientific-based way where we can determine which ones are done in a more sustainable and responsible way and insure those.\u201d <\/p>\n

Chubb declined to comment further to Barron\u2019s<\/em>.<\/p>\n

But some want the cutoff to come faster. The Intergovernmental Panel on Climate Change has said that in order to maintain the earth\u2019s temperature increase below 1.5\u02daC, no more new fossil fuel projects can be developed. Yet hundreds of oil and gas extraction projects continue to get approved and invested in globally every year.<\/p>\n

This proxy season, Green Century has filed shareholder proposals at three large property and casualty insurers, asking them to adopt a time-bound phase out of underwriting new coal, oil, and gas projects. <\/p>\n

The Securities and Exchange Commission has allowed Chubb to block the proposal.
\n Hartford Financial Services Group
\n (HIG) had its annual shareholder meeting this past Wednesday, but the voting results are still pending.
\n Travelers
\n (TRV) will have the vote later this month.<\/p>\n

Travelers didn\u2019t respond to a request for comment. Hartford declined to comment, but pointed to the firm\u2019s proxy statement, where it cited complexities of the insurance system, the fossil fuel industry\u2019s role in energy transition, and the complex regulatory environment as reasons to oppose the shareholder proposal. \u201cDivestitures and boycotts are not the optimal foundation to reach net zero,\u201d the firm wrote. <\/p>\n

Another advocate group, As You Sow, has asked Chubb, Travelers, and
\n Berkshire Hathaway
\n (BRK.A) to disclose the greenhouse gas emissions targets for their underwriting, insuring, and investment activities. <\/p>\n

The resolution received support from 44% of Berkshire\u2019s independent shareholders in early May. But there was a big shift in Chubb investors\u2019 position: At the firm\u2019s annual meeting on May 17, only 29% voted for the proposal, a sharp drop from the 72% support for a similar proposal last year\u2014highlighting shareholders\u2019 swinging view on the issue. <\/p>\n

Companies aren\u2019t required to take any action even if a shareholder proposal passed the 50% threshold, but the results are often taken seriously by the board. <\/p>\n

The push is coming from legislators as well. Last year, a group of Democratic lawmakers, including New York congresswoman Alexandria Ocasio-Cortez, issued a letter asking some of the nation\u2019s biggest insurance companies to stop underwriting new fossil fuel projects and criticized the group for cutting back services and raising prices in areas affected by climate threats.<\/p>\n

In March, Connecticut lawmakers proposed a bill that would impose a 5% annual tax on premiums received from underwriting fossil fuel exploration and production. The insurance industry strongly opposed it, noting during a public hearing that the bill inappropriately singled out insurers and is likely unconstitutional.<\/p>\n

Regulators are also asking for more transparency from the industry. Last year, a bipartisan group of 15 state insurance commissioners\u2013\u2013the main regulators of the industry\u2013\u2013adopted a new standard for insurance companies to report their climate-related risks. Combined, these states represent about 80% of the U.S. insurance market.<\/p>\n

Insurers have argued that even without third-party underwriting, fossil fuel companies have other risk transfer alternatives to move forward their projects, such as setting up a mutual insurance company, or a captive insurance company to underwrite their own risks. \u201cDenying access to the traditional insurance market will not end or dramatically reduce fossil fuel activity,\u201d according to Chubb\u2019s climate change policy report.\u00a0<\/p>\n

Besides the climate implications, insurers need to decide if underwriting fossil fuel is good business or not. While it\u2019s difficult to know the exact return or loss of insuring oil and gas assets, one thing is for sure: The energy industry itself is not immune from the physical impacts of climate change.\u00a0<\/p>\n

Over 40% of commercially recoverable oil and gas reserves are highly exposed to the effects of climate change, according to risk and strategic consulting firm Maplecroft. Onshore operations are exposed to sea level rise, storms, heatwaves, and flooding, while offshore operations, such as in the Gulf of Mexico, are vulnerable to tropical cyclones and extreme wave heights, says the firm.<\/p>\n

For investors, the good news is that pulling out of oil and gas likely won\u2019t affect insurers\u2019 bottom line by much. Although fossil fuel is an important pillar of the global economy, when it comes to physical assets like oil rigs and refineries, the energy industry\u2019s share in the insurance market is quite small, says Matthew Carletti, an insurance analyst at JMP Securities.<\/p>\n

Although each loss event could be worth large sums of money due to the sheer size of the fossil fuel projects, the chance of that happening is much lower than, say, a house catching on fire or a car getting into an accident. As a result, the premiums insurers can collect from fossil fuel companies is relatively small compared to the value of their assets.<\/p>\n

In 2021, the estimated premiums for fossil fuels insurance was around $20 billion, about 2% of the entire commercial P&C insurance sector, according to Insuramore, a market intelligence company. While some smaller firms might have more concentrated exposure, for big companies like Chubb, keeping the business or not won\u2019t make a noticeable difference in their financial results.<\/p>\n

Still, insurers are feeling the pain from climate change already. Extreme weather events are increasingly hitting areas with concentrated populations, while soaring inflation further pushed up the costs of the damaged properties. According to Swiss Re, natural disasters caused an estimated $275 billion global economic loss in 2022, about half of which were shouldered by the insurance industry\u2014more than 50% higher than the 10-year average.\u00a0<\/p>\n

To make up for the losses, insurers either increased premiums or withdraw coverage from vulnerable regions. Even then, their profit margins were getting squeezed. All this could bring more regulatory scrutiny, says JMP\u2019s Carletti, as governments push for new rules to make insurance affordable and accessible.<\/p>\n

\u201cThere are lots of things fighting against insurers,\u201d he says.<\/p>\n

Write to Evie Liu at evie.liu@barrons.com<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Last October, about 50 activists gathered outside a luxury apartment in Manhattan belonging to Evan Greenberg, CEO of insurance giant Chubb. \u00a0The group delivered a petition signed by over 50,000 people, urging Greenberg to stop underwriting and investing in oil and gas expansion. \u201cFossil fuels kill,\u201d said the campaigners, according to a video posted on […]<\/p>\n","protected":false},"author":1,"featured_media":11524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-11523","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nFossil Fuel Insurance Is Turning Into a Climate Change Fight. 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