Ethical super fund says QBE ‘not joining the dots’ between fossil fuel projects and rising premiums | Insurance (Australia)

The super -moral fund is pushing to QBE to repair its coverage policies amid criticism that the insurance company can guarantee fossil fuel projects without restriction while blaming the climate crisis due to the high acute premium.

This criticism comes before the annual QBE meeting in Sydney on Friday, and a background background of the rapid height premiums that fully totally shook the insurance coverage.

The homes were in the areas exposed to fires subject to Increase the cost of huge insuranceIn some cases, houses were considered non -applicable, as climate -dependent disasters reaches more severely.

Amanda Richman from Australia Ethical said that QBE policies allow it to include new oil and gas projects without at least any restrictions 2030, and in some cases until 2040, making it outside the insurance companies.

She said that she says she is participating with fossil fuel agents. It seems that the approach is “more than just a data collection exercise that delays accountability.”

“We do not see any suggestion that QBE is ready to escalate as there is a lack of progress,” Richman said.

She said that Australia’s global insurance company “does not join points” between supporting fossil fuel projects and the need to reduce climate risk.

Australian ethics was held worth $ 56 million of QBE shares at the end of January.

There are no decisions listed in the coming AGM from QBE targeting the Insurance policies specifically. Fund often publicly raises such issues to measure support from other investors, before taking more powerful measures such as searching for managers, or voting bonus arrangements.

Insurance peers for many categories, including home, home contents and car insurance, pictures in recent years with two -digit annual increases, families and inflation.

Insurance companies blame harsh weather events, increase home values ​​in high -risk areas, high inflation and high reinsurance premiums for some sharp increases.

A QBE spokesman said the insurance company is evaluating a set of physical risks, including global heating.

“Our approach to addressing the main environmental and social risks through our subscription and investment activities within our environmental and social risks,” the spokesman said.

“Participation remains a major component in our climatic strategy where we seek to understand our stakeholders, and we continue to support their transition through current products and services and provide new products.”

QBE said in its annual report that climate change is one of its most important risks.

While there are an increasing number of insurance companies, lenders, coal, oil and gas companies, they mention their support for the Paris Landmark Convention 2015, many policies allow the development of new fossil fuel reserves.

According to the international government group concerned with analyzing climate change, Emissions of greenhouse gases from the current fossil fuel infrastructure It is more than enough to push the world until after its climatic goals.

To improve the chances of reducing global warming to 1.5 ° C above pre -industry times, emissions must be reduced by 45 % by 2030 and reach zero by 2050.

Parliamentary I recommend last year The government creates a tax on charcoal and gas extraction to invest in disasters and was used to compensate for the cost of high insurance.