Chubb hasn’t declared such a target, he added, because it can’t imagine how to measure the carbon footprint of all of its insured companies. “No company does”.
The executive sees Chubb’s role in the energy transition as a balance. Greenberg believes insurers can invest in and develop products to encourage carbon neutrality. It is especially important for P&C insurers to be able to price and manage exposure as weather volatility increases, he said.
“There are no cat seasons anymore,” he said, adding that insurers need to provide services to help customers remain resilient during the transition to a low-carbon economy.
However, Chubb continues to insure oil and gas “because the world needs energy.” Chubb does not underwrite things like coal and tar sands, where he said there are other options and “true sustainability issues,” but in his view it “would be irresponsible” to stop insuring oil and gas before there are “good alternatives.”
Greenberg sees ties between global inflation and geopolitical risk. Energy shortages caused by the Russia-Ukraine conflict will lead to the developed world taking more energy while developing countries suffer, he said.
Read the full article: Reinsurance News