<
https://www.theguardian.com/australia-news/2025/may/08/australian-ethical-super-fund-qbe-fossil-fuel-projects-rising-premiums>
"An ethical super fund is pushing for QBE to overhaul its coverage policies
amid criticism the insurer can underwrite fossil fuel projects without
restriction while blaming the climate crisis for steep premium rises.
The critique comes before QBE’s annual general meeting in Sydney on Friday, and
against a backdrop of rapidly rising premiums that has priced some households
out of insurance coverage altogether.
Homes in flood and fire-prone areas have been subject to huge insurance cost
increases, and in some cases homes have been deemed uninsurable, as
climate-driven disasters hit more frequently and with greater intensity.
Australian Ethical’s Amanda Richman said QBE’s policies allow it to underwrite
new oil and gas projects without any restrictions to at least 2030, and in some
cases out to 2040, making it an outlier among insurers.
She said while QBE says it engages with its fossil fuel clients, the approach
appears to be “little more than a data collection exercise that serves to delay
accountability”.
“We’re not seeing any suggestion that QBE is prepared to escalate where there
is a lack of progress,” Richman said.
She said the Australian-based global insurer “was not joining the dots” between
support for fossil fuel projects and the need to reduce climate risks.
Australian Ethical held $56m worth of QBE shares at the end of January."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
