A new investigation published by UK NGO ShareAction has revealed that many of the world’s largest insurance firms continue to invest in projects and companies whose activities are damaging the climate, nature, and people’s rights and health. The ‘Insuring Disaster 2024’ report assessed 65 global insurance firms, and found that less than half had 2050 net zero targets in place and over 70% hadn’t implemented investing restrictions based on human rights, worker health, conventional weapons or Indigenous rights. In addition, more than 80% didn’t have such restrictions for the underwriting side. Nineteen out of the 65 insurers received no marks from ShareAction on biodiversity. The report authors said they would be meeting with many of the insurance companies in the coming weeks to discuss the findings. Separately, another report published by NGO Finance Watch outlined the steps that could be taken to ensure the effective implementation of mandatory climate transition plans by insurance companies. “It’s ironic that institutions meant to protect against risk have become [the] purveyors of it,” said Nikolas Geirnaert, Research and Advocacy Officer at Finance Watch. “If insurance companies continue on their current path, they’re not only endangering their own future, but the wellbeing of countless individuals. The time for half measures is over – mandatory transition plans must be implemented now, and they must be implemented well.”
