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@zurich_insurance
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Climate Love
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Sarah Chabane
2 w
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Global leader in the insurance industry, Zurich Insurance recently announced its decision to cease underwriting new fossil fuel projects. This strategic move is part of Zurich's broader initiative to distance itself from high-emission industries like metallurgical coal mining and to align its operations with sustainability goals. Sierra Signorelli, Zurich's chief executive of commercial insurance, talked about the urgency of the transition away from fossil fuels, citing the company's aim for net-zero emissions by 2050 as a guiding principle. I guess we have different definitions of "urgency" but it's a first step forward for the company. Despite generating significant premiums from fossil fuel clients in the past, US$2.1 billion in premiums from such clients in the previous year, which accounts for 7% of the company's total commercial premiums, Zurich anticipates minimal financial impact from this policy adjustment. This decision demonstrates the company's commitment to prioritising environmental stewardship over short-term profits. Zurich's decision has received positive reactions from environmental advocacy groups, pointing to it as a move towards greater accountability within the insurance industry. Moving forward, Zurich plans to engage with its highest-emission corporate clients, demanding they establish emissions reduction targets and develop strategies for achieving net-zero emissions. By shifting focus towards emerging clean-energy infrastructures and promoting sustainability, Zurich aims to set an example for its industry peers. https://www.insurancebusinessmag.com/us/news/environmental/zurich-insurance-stops-underwriting-new-fossil-fuel-projects-484241.aspx
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Lucinda Ramsay
25 w
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If you are insured/pension with any of these companies consider changing your policy provider and explaining why you are changing to your provider. Money talks! https://oilprice.com/Latest-Energy-News/World-News/Insurers-Continue-To-Back-Oil-And-Gas-Projects-Despite-Climate-Risk.html
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24 w
These insurance agencies need to invest in clean energy
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24 w
It's time for the industry to prioritize a cleaner, greener future.
Zurich Insurance Ltd. said Wednesday it has withdrawn from the United Nation’s Net-Zero Insurance Alliance. The announcement came less than a week after Munich Re Ltd. said it had left the group over antitrust concerns. In a brief statement announcing its withdrawal, the Swiss insurer said: “After establishing a standardized methodology for measuring and disclosing greenhouse gas emissions associated to insurance and reinsurance underwriting portfolios, we want to focus our resources to support our customers with their transition. We continue to remain fully committed to our sustainability ambitions and to supporting the net-zero transition. ”Zurich gave no further reason for its withdrawal. Members of NZIA, which includes about 30 large European and Asian insurers and reinsurers, pledge to transition greenhouse gas emissions from their underwriting portfolios to “net-zero emissions by 2050 consistent with a maximum temperature rise of 1.5 (degrees Celsius) above pre-industrial levels by 2100 in order to contribute to the implementation of the COP21 Paris Agreement.” Climate activists, which over the past several years have increased pressure on insurers, have urged regulators to make clear that antitrust laws should not be a barrier to achieving emissions targets. https://www.reuters.com/business/sustainable-business/zurich-becomes-second-major-insurer-quit-climate-alliance-2023-04-05/#:~:text=LONDON%2C%20April%205%20(Reuters),in%20less%20than%20a%20week.
Zurich Insurance becomes second firm to quit climate alliance
Zurich Insurance Group said on Wednesday it was withdrawing from the Net Zero Insurance Alliance (NZIA), becoming the second founding member to quit the climate group in less than a week.
https://www.reuters.com/business/sustainable-business/zurich-becomes-second-major-insurer-quit-climate-alliance-2023-04-05/#:~:text=LONDON%2C%20April%205%20(Reuters),in%20less%20than%20a%20week.
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53 w
Such an unexpected blow from Zurich
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55 w
This underlying issues must be dealt with and have the UN -net zero Insurance alliance progressing.
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55 w
Shame on Zurich... This is really disappointing 😔😕
Patrick Kiash
138 w
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Recently Mario Greco, CEO of Zurich Insurance discusses the latest sustainability plans and the plan to cut out all emissions by 2050. And that's a great move! https://www.cnbc.com/video/2021/09/07/zurich-insurance-ceo-need-a-system-thats-properly-pricing-carbon-emissions.html
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Pinned by We Don't Have Time
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137 w
Many thanks to the supporters of We Don’t Have Time for sending their Climate Love to Zurich. 2021 has been a year of bold commitments but words alone won’t cool the planet – action must follow. The biggest gamble, the ultimate risk, is to do nothing as noted by our recent white paper “Closing the gap on climate action” (https://www.zurich.com/en/knowledge/topics/climate-change/closing-the-gap-on-climate-action). Small steps taken by each of us – individuals, organizations and businesses – will add up to a giant leap over time. Besides the actions we’re taking to transform our business to achieve net-zero emissions by 2050 we have a “Zurich Forest” project to help non-profit Instituto Terra regrow part of what was once the largest single wooded place on Earth: the Atlantic Forest in Brazil. We would be happy to plant a tree for each of the 127 members of the We Don’t Have Time community that have supported our commitment to become one of the most sustainable and impactful businesses in the world!
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135 w
Your call of planting all those trees to due to this review,means alot!
Laurel Hood
197 w
Zurich Insurance has followed through and chosen not to renew coverage on the Trans Mountain Pipeline! https://www.nationalobserver.com/2020/07/22/news/trans-mountain-losing-insurer-zurich-drop-coverage-report
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197 w
Excluding the polluters is a good step!
Laurel Hood
209 w
Zurich insurance claims that they will no longer insure dirty oil but they still insure Canada’s Trans Mountain Pipeline. https://act.stand.earth/page/12607/action/1
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208 w
The TransMountain Pipeline expansion would carry dilbit from the bitumen dug in Alberta, the dirtiest oil on the planet. It is a colossal mistake.
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1 w
This is a bold and wise decision that Zurich has made, others should follow their example including Banks.
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2 w
that is what an impactful decision the company has made
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This is massive! All future projects must have a climate oriented goal that means focusing on renewable and green approaches.