{"id":5502,"date":"2024-04-09T19:27:56","date_gmt":"2024-04-09T19:27:56","guid":{"rendered":"https:\/\/japan.insure-our-future.com\/?p=5502"},"modified":"2024-04-15T19:46:49","modified_gmt":"2024-04-15T19:46:49","slug":"campaigners-demand-polluters-pay-as-insurance-industry-meet-for-inaugural-sustainability-summit","status":"publish","type":"post","link":"https:\/\/japan.insure-our-future.com\/en\/2024\/04\/09\/campaigners-demand-polluters-pay-as-insurance-industry-meet-for-inaugural-sustainability-summit\/","title":{"rendered":"Campaigners demand \u2018polluters pay\u2019 as insurance industry meet for inaugural sustainability summit"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">This week, as the insurance industry convenes for the first Global Sustainable Insurance Summit in Los Angeles, 32 campaign groups of the Insure Our Future network have sent a letter to the 30 world\u2019s leading fossil fuel insurers, detailing how they can accelerate the transition to a clean and just energy economy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The call for insurers to make \u2018polluters pay\u2019 comes at a point when many families are struggling as they face a cost of living crisis, compounded by rising insurance premiums or loss of insurance cover completely in some high-risk areas as insurers attempt to limit their climate-related losses by passing them on to communities. For example, <a href=\"https:\/\/us.insure-our-future.com\/factsheet-future-uninsured\/\">t<\/a><\/span><a href=\"https:\/\/us.insure-our-future.com\/factsheet-future-uninsured\/\"><span style=\"font-weight: 400;\">welve major insurers<\/span><\/a><span style=\"font-weight: 400;\"> have restricted climate-related coverage in California, causing losses in home values of <\/span><a href=\"https:\/\/us.insure-our-future.com\/californias-dirty-dozen\/\"><span style=\"font-weight: 400;\">$10-$32 billion<\/span><\/a><span style=\"font-weight: 400;\">. Tokio Marine Holdings, the largest Property and Casualty insurer of Japan, is included in the twelve insurers. The same twelve insurers are exacerbating climate risks, with $113 billion of investments in and $3.6 billion in annual underwriting income from fossil fuels collectively.\u00a0<\/span><\/p>\n<div class=\"entry-quote-item\">\n        <div class=\"quote-author\">\n\t\t\t<h4 class=\"name\">Aditi Sen<\/h4><div class=\"title\">Climate and Energy Program Director of the Rainforest Action Network<\/div>        <\/div>\n        <div class=\"quote-text\">\n\t\t\t<p>\u201cThe insurance industry is responding to the escalating climate emergency by increasing premiums or entirely withdrawing from regions at the frontline of the crisis. This further shifts the cost of climate change from the carbon polluters and their supporters to individual families and businesses.\u201d<\/p>\n        <\/div>\n<\/div>\n<div class=\"entry-quote-item\">\n        <div class=\"quote-author\">\n\t\t\t<h4 class=\"name\">Peter Bosshard<\/h4><div class=\"title\">Global Coordinator of the Insure Our Future campaign<\/div>        <\/div>\n        <div class=\"quote-text\">\n\t\t\t<p>\u201cWhile the insurance industry abandons climate-affected communities, many insurers continue to underwrite the expansion of fossil fuel extraction, fuelling the very crisis they have warned about for 50 years. No major insurance company has ruled out support for all new fossil fuel projects.\u201d<\/p>\n        <\/div>\n<\/div>\n<p><span style=\"font-weight: 400;\">Demands in the letter are as following:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Immediately cease insuring new and expanded coal, oil, and gas projects.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Immediately stop insuring any new customers from the fossil fuel sector which have not published a transition plan aligned with a credible 1.5\u00b0C pathway, and stop offering any insurance services which support the expansion of coal, oil and gas production even among existing customers. By the end of 2025, completely phase out all insurance services for existing fossil fuel company customers which have not published such a transition plan.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Immediately divest all assets, including assets managed for third parties, from coal, oil, and gas companies which have not published a transition plan aligned with a credible 1.5\u00b0C pathway and scale up investments in a just, equitable, and rapid global transition to a clean energy economy.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Immediately define and adopt binding targets for reducing your insured emissions which are transparent, comprehensive and aligned with a credible 1.5\u00b0C pathway.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Explore ways to bring fossil fuel companies to court in order to make polluters rather than insurance customers pay for the growing costs of climate disasters.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Immediately establish, and adopt as policy, robust due diligence and verification mechanisms to ensure clients fully respect and observe all human rights, including a requirement that they obtain and document the Free, Prior, and Informed Consent (FPIC) of impacted Indigenous Peoples as articulated in the UN Declaration on the Rights of Indigenous Peoples.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Immediately bring stewardship activities, membership of trade associations and public positions as a shareholder and corporate citizen in line with a credible 1.5\u00b0C pathway in a transparent way.<\/span><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>This week, as the insurance industry convenes for the first Global Sustainable Insurance Summit in Los Angeles, 32 campaign groups of the Insure Our Future network have sent a letter to the 30 world\u2019s leading fossil fuel insurers, detailing how they can accelerate the transition to a clean and just energy economy.\u00a0 The call for &hellip;<\/p>\n","protected":false},"author":5,"featured_media":5476,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[105,99],"post_country":[106,107,100,108],"post_company":[109,112,115,102,103,119],"post_project":[173],"class_list":["post-5502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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