A leading U.S. property insurer said it will not disclose some greenhouse-gas emissions linked to its business — such as its investments in fossil fuels — because they are not “financially material” for investors.
In a new sustainability report, Chubb, the eighth-largest property and casualty insurer in the U.S., said it has determined that there is no reliable way to measure that type of climate pollution and that “disclosure of such emissions is not merited at this time.”
Climate advocates say the insurance industry enables global oil and gas production because it sells insurance coverage for fossil fuel infrastructure and invests in conventional energy companies. They say insurers should inform investors how much greenhouse gas pollution comes from these activities.
Chubb’s position echoes other major insurance companies who have questioned whether it is worthwhile or even possible to calculate the industry’s indirect role in releasing greenhouse gases.
