Chubb is one of the world’s largest providers of commercial property and casualty insurance and reinsurance, with $167 billion in assets and over $38 billion of gross written premiums as of 2018. With operations in 54 countries, Chubb offers various forms of insurance to a diverse group of clients across the globe. Insurance companies have a critical role to play in meeting the Paris Agreement’s 1.5 degrees Celsius (1.5oC) goal, requiring net zero greenhouse gas (GHG) emissions by 2050, and yet Chubb does not measure or disclose its financed emissions, including those attributable to underwriting, insuring, and investments, nor has it adopted targets aligned with the Paris Agreement’s 1.5oC goal for such emissions. Chubb must begin to measure and disclose these metrics to ensure its progress toward climate related sustainability.
Our goal is to support As You Sow’s proposal to Chubb by launching a campaign that allows individuals to invest in a more sustainable future and hold Chubb accountable for its failure to disclose financed emissions and failure to adopt Paris-aligned targets by voting at the company’s next shareholder meeting. The proposal requests that Chubb issue a report addressing whether and how it intends to measure, disclose, and reduce the GHG emissions associated with its underwriting, insuring, and investment activities in alignment with the Paris Agreement’s 1.5oC goal, requiring net zero emissions.
A “win” would result in Chubb being required to issue such a report, which should include:
• Whether Chubb will begin measuring and disclosing the emissions associated with the full range of its operations and when; and