Welcome to the Naturesave’s Campaign for Insurance Divestment
Naturesave was founded to promote sustainable development within the insurance industry. Our latest campaign is focused on the insurance industry itself and, potentially, has an outcome that could have more benefit to the environment than all our actions to date.
The industry manages total investments that equate to 25 percent of the UK’s net worth, making it pivotal to our economy. However, when it comes to the fight against climate change, insurance does not normally spring to mind. So it may come as a surprise to learn that the industry is not only one of the world’s biggest investors in fossil fuels, it is also the key enabler to fossil fuel production. Without insurance, most coal mines, gas field or oil wells would not get built or continue to operate.
This unparalleled potential for change, is also unique to the UK, which is home to the largest insurance market in Europe and the third largest in the world. London is also the global centre for energy insurance, with a 55% share of the global market.
The aim of Naturesave’s campaign is to accelerate the process of fossil fuel divestment within the industry, and to call on insurers to stop underwriting new fossil fuel production.
Campaign for Insurance Divestment
Climate change is the biggest global health threat of our time, in fact, there are no greater potential risks to our societies or our environment. The prime cause of climate change is the burning of fossil fuels. It is now evident that unless 80% of these fossil fuel reserves are kept in the ground, climate change will have devastating ramifications for all of us.
The insurance industry is in the business of managing risk to its customers and their property. As the global temperature rises, our environment will become more hostile, leading to a catalogue of consequences that will have serious implications for the insurance industry. The predicted increase in natural disasters such as floods, heatwaves, storms, and droughts will lead to unprecedented and possibly catastrophic losses. It may, therefore, seem counter-intuitive and surprising to some to learn that the insurance industry is one of the world’s biggest investors in fossil fuels.
The Campaign for Insurance Divestment brings these two issues together and calls on the insurance industry to urgently divest from the fossil fuel industries that harm the planet and those that live on it. We believe that the insurance industry, through its underwriting and investments, is uniquely placed to address this and change the world for the better.
This is the first step of a series of planned lobbying actions that form the backbone of our campaign. As we work from within the insurance industry, our influence is driven by the number of customers we represent. As more people switch to a green insurance option this influence only grows. You can support our campaign by switching your policy to Naturesave and making our voice louder. If you already insure with us, please spread the word about Naturesave within your networks.
Want to know more? read our latest Insurance Divestment report – The Insurance Industry’s Climate Change Challenge