Climate change causing ‘untold damage’: Chaucer calls for collective action

Extreme weather events due to the impact of climate change are causing “untold damage”, chief executive of global specialty group  Chaucer has warned, calling on the re/insurance industry to “play our part” by proactively addressing the carbon footprint and accelerating transition plans to build a net-zero economy.

John Fowle (pictured) said  Chaucer is “determined” to make a climate-positive impact and has set itself an ambition to become, by 2050 or sooner, a net-zero emissions business across all business operations, including its global underwriting and investment portfolios.

The company is using science-based methods to reduce emissions and decarbonise its investment portfolios while simultaneously increasing its investment in climate solutions.

Chaucer recently formed a collaboration with insurance sector ratings agency Moody’s to produce an innovative, data-driven Environmental, Social and Governance (ESG) ‘scorecard’ that will enable it to measure the ESG performance of its counterparties, including clients and suppliers, using 158 unique data points.

Fowle said: “We all need to play our part in addressing climate change. By committing to net-zero emissions by 2050 or sooner, including proactively addressing the carbon footprint and transition plans of our counterparties,  Chaucer is determined to be a positive influence.”

“As an (re)insurance group, we see the devastating impact of climate change, as extreme weather events become more frequent and severe, causing untold damage in their wake. It is incumbent upon us all to do our part to aid the transition to a low-carbon global economy to help meet the Net Zero target.”

Fowle  added: “Our commitment to Net Zero supports our existing initiatives in ESG. Our ESG scorecard with Moody’s will enable  Chaucer to work closely with its business partners to help them become more sustainable and measure progress.”

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