The digital resource centre is designed to provide clients with essential information and insights for effectively measuring and mitigating methane emissions. Leveraging technical expertise and guidance from the Environmental Defense Fund, Chubb aims to empower its clients to navigate the evolving landscape of environmental responsibility.
The newly launched hub comes at a crucial juncture, aligning with Chubb’s commitment to addressing methane emissions in the oil and gas extraction sector. Specifically, it aims to support Chubb-insured clients as they navigate the underwriting criteria set to take effect in March 2023. These criteria mark a pioneering step within the property and casualty insurance industry, emphasising the imperative for projects in oil and gas extraction to reduce methane emissions, recogniaed as highly impactful greenhouse gases.
The standards set by Chubb necessitate the implementation of evidence-based plans to effectively manage methane emissions. This includes, at a minimum, the establishment of comprehensive programs for leak detection and repair, as well as the elimination of non-emergency venting. Additionally, clients are required to adopt one or more measures that have demonstrated efficacy in reducing emissions from flaring.
With the Chubb Methane Resource Hub, Chubb Limited not only underscores its dedication to environmental stewardship but also positions itself as a leader in promoting responsible practices within the property and casualty insurance industry. This initiative reflects a pivotal moment in advancing sustainability goals and fostering positive change within the sector.
“Chubb is actively engaging with our clients to build external partnerships aimed at reducing [greenhouse gas] emissions, while helping oil and gas producers adopt technologies to reduce methane extraction emissions,” said Keith Marks, executive vice president, Chubb North America Risk Engineering Services.
He added: “We have benefited from the technical expertise and guidance provided by Environmental Defense Fund, including working with us to evaluate best practices around methane in the oil and gas industry. We look forward to continuing to draw on their expertise as we evaluate emissions reduction opportunities in other high-emitting industries.”
Main image: Chubb CEO, Evan Greenberg
Meet Chubb leaders in Hong Kong at Insurtech Insights Asia 2023
Join leaders from Chubb at Asia’s largest insurtech conference – Insurtech Insights Asia 2023, in Hong Kong, at the Kerry Hotel on December 6th and 7th.
Sushmita Munshi, Chief Customer Officer, will be taking part in the session: “Predict & Prevent – Transformation of Life & Health Insurance in Asia.”
Om Bhatia, Head of Growth, will be a panelist on: “How Digitisation is Creating New Partnership Opportunities Between Brokers and Insurers.”
And Scott Simpson, President of Hong Kong and Macau, will be taking part in a fireside chat with Gloria Leung, Chief Customer Officer, Insurance Division, for Hang Seng Bank.
For more information on the conference, visit here
