Ethos represented Green Century on Thursday to present a resolution filed by the US asset manager and call on Chubb shareholders to support it. This resolution called on the Zurich-based insurer to disclose all its greenhouse gas emissions, which it does not currently do.
The Ethos Foundation attended Chubb Limited's annual general meeting in Zurich on Thursday to present and support a shareholder resolution filed by Green Century Capital Management, a US asset manager specialising in responsible investment. This advisory shareholder resolution called on the US insurer, headquartered in Zurich, to disclose the greenhouse gas (GHG) emissions related to its underwriting, insurance and investment activities. According to the chairman of the board of directors, it was rejected by a "large majority of votes" although the details of the vote were not disclosed.
Shortly before the vote, Matthias Narr, Head Engagement at Ethos, spoke on behalf of Green Century and Ethos. In his speech, he reiterated that climate change represents a significant financial risk for the insurance sector. According to a recent study, economic losses related to natural disasters reached 368 billion dollars in 2024, due to the hurricanes Milton and Helen, violent convective storms in the United States and floods across Europe. 145 billion dollars' worth of damage was insured property and therefore borne by insurers, which is 54% higher than the 21st century average.
Matthias Narr reiterated that until Chubb discloses its indirect GHG emissions, known as Scope 3 emissions, the company's shareholders will not be able to adequately assess its climate, regulatory, competitive and reputational risks. He also pointed out that the State of California and several European governments, including Switzerland, are preparing to require the disclosure of Scope 3 emissions and that a significant number of Chubb's competitors have already begun to take responsibility by publishing their financed and insured emissions.
His full speech is available here: Ethos Statement
