Chubb Adds New Climate Unit Yet Remains Top Fossil Fuel Insurer

January 4, 2023 (San Francisco, CA) – Today, Chubb announced that it has launched a Global Climate Business Unit to support the low-carbon transition. According to Chubb, the new structure will bring together existing units focused on traditional, alternative and renewable energy, climate tech, agribusiness and risk engineering services to work with customers on reducing emissions and managing climate risk.

Elana Sulakshana, Senior Energy Finance Campaigner at Rainforest Action Network (RAN), issued the following statement:

“As a top insurer of coal, oil, and gas, Chubb’s new unit must align with the clear consensus laid out by climate scientists and energy modelers: to achieve net zero emissions by 2050 and limit global temperature rise to 1.5ºC, there can be no fossil fuel expansion whatsoever in 2023 and beyond. That means that Chubb must stop underwriting new fossil fuel projects today.

“We are glad to see Chubb embracing the role that insurers can – and must – play in accelerating a just energy transition. But to scale up clean energy deployment and decarbonize swiftly, we need insurers like Chubb to provide expertise and capacity for real climate solutions, not fossil fuel business as usual. A just transition calls for an end to coal, oil, and gas expansion and investments in communities on the frontlines of climate chaos.”