Are climate protests against insurance companies going too far?

Moving the insurance industry out of the ‘dirty’ sector may prove beneficial in reducing climate risk in the long run, but this change will not happen overnight. Insurance companies cannot treat large shifts in energy like light switches. As Lloyd’s of London puts it, managing and mitigating the impacts of climate change requires an “orderly but urgent transition” away from carbon-emitting fuels.

“Methodically, but urgently” – I like this phrase. Looking at the industry from a 30,000 foot perspective, most insurers are taking a ‘methodical’ approach to the energy transition. Sure, some insurers are significantly slower than others, but it’s not as simple as saying “I’m limping for no good reason.”

Understanding how fast insurers can and should move requires complex analysis and a thorough understanding of the company’s internal operations, business portfolio, supply chain and investment portfolio. That level of climate disclosure is not common at this time. As an outsider, it’s hard to say for sure what is influencing companies’ climate risk management strategies.

Read the following: The climate gets personal – activists protest at Chubb CEO’s home

With that in mind, I have a problem with the outages caused by climate activists targeting the insurance industry. He took to the streets to lodge a petition with more than 50,000 signatories to protest the insurance company’s current policy on fossil fuel insurance. Protesters built a mock oil derrick, said to be about “two stories” high, and demanded Chubb enact a policy to end its cover for fossil fuel expansion projects.

In my opinion, invading Greenberg’s private life is a step too far. What does it bring, other than annoyance to the surrounding residents? Of course, it shines a spotlight on a very important topic — and perhaps Chubb could have accelerated that transition — but the personal attack on Greenberg has led climate change protesters to I don’t think you’ll achieve results like that (in fact, all climate-sensitive people) would want.

As reported by Insurance business According to news editor Jen Frost, climate change activists are becoming more and more visible at insurance industry events and outside the offices of some insurance companies. Extinction Rebellion activists tried to block access to the Baden Baden reinsurance conference in Germany. London’s Lloyd’s has been the target of multiple protests, including one in which activists dumped piles of fake coal outside the iconic insurance building and blocked the entrance.

Looking beyond the insurance industry, the past few weeks have seen a steady stream of protests against climate change. In May 2022, an activist threw a cake at Leonardo da Vinci’s Mona his Lisa portrait inside the Louvre in Paris while simultaneously shouting: There are people who are destroying the earth. please think about it. The artist tells you: think about the earth. that’s why i did this.

read more: Why should insurance brokers care about ESG?

In October 2022, Just Stop Oil activists threw tomato soup over Vincent van Gogh’s sunflowers at the National Gallery in London, and later that month, the same group threw the windows of iconic London department store Harrods. I sprayed it with orange paint. Busy Brompton Road outside.

In my opinion this is not constructive. It is subversive and disrupts the underlying message (which I stand for) of making the world a better, cleaner, safer place for future generations.

I’ve said it before and I’ll say it again. We need more constructive communication, more education, more honesty and more collaboration on climate risk management. Good climate disclosure is a good start and this is starting to work. Detailed climate disclosure and reporting can help hold companies (including insurers) accountable for their actions related to climate change. Open discussion and a better understanding of the challenges and opportunities facing companies. Implement the required orderly transition.

I am for pressure when and where it is needed. But I do not agree to cause disruption, nuisance, or damage.