The international week of action targeting insurance is an initiative of the Insure Our Future coalition, which includes Campax and Collectif BreakFree Suisse.

Why Zurich Insurance? While Zurich Insurance says it’s committed to aligning its activities with the Paris climate agreement since 2015 and likes to describe itself as a “leader in sustainability”… it is not a forerunner, but a laggard in Oil & Gas. What is particularly worrying is that it continues, against all current scientific evidence, to insure, practically without restriction, development of Oil & Gas (new extraction projects).

Zurich’s oil and gas policies are so weak that they score 1.4 out of 10 in the Insurance Scorecard report¹ Furthermore, out of 12 European insurance policies examined, Zurich came in a very poor 10th place. 

According to data commissioned from the market research institute Insuramore, Zurich is one of the leading insurance companies in the field of fossil fuel insurance. In 2023, it is estimated to be the world’s number 6 insurer and has even moved up in ranking.

What’s more, through its asset management arm, Zurich is investing heavily in expansionist firms, totalling more than €400m in early 2023. This includes companies such as Shell, Exxon, BP, Total Energies and Petrobras.

Why is this important? Insurance plays a central role in this battle: without it, no new oil wells, pipelines or refineries can be built and operated. 

What can you do about it? Join us on Wednesday 28 February in front of the Zurich Insurance offices at noon for a festive and colourful demonstration, to which children are welcome (authorised demonstration). You can also contact us to find out more about how you can get involved!

What impact on our kids?

Climate change impacts the health of young people globally; almost all children in the world are exposed to at least one climatic hazard.

In Switzerland, the main consequences directly affecting our children are:

• Heat stress : The average temperature has increased by a little more than 2°C since records began (1864), and twice as much as the global average. Infants and young children are most vulnerable during heat waves. 

• Air quality: Pollution greatly increases cases of asthma in children: in 2019 it was estimated that nearly 15% of new cases in children were directly attributable to road pollution

• Psychological impacts : According to an international study4 carried out among 10,000 young people in countries of the North and the South, more than 50% of young people consider humanity to be “doomed” and feel afraid, sad, anxious, angry, defenceless or even guilty. 

Children will also be the first collateral victims of the expected increase in extreme climatic events (landslides, floods, etc.) and the arrival of new deadly infectious diseases, such as malaria or dengue fever, which will spread more easily in Europe as a result of climate change.

The role and responsibility of insurance companies: t is established that the main cause of the climate crisis is the burning of fossil fuels. According to the Paris Agreement, no new extraction projects should see the light of day. 

If they followed the recommendations of the IEA, UNEP and IPCC, they would refuse to take out insurance and reinsurance policies for companies pursuing the opening of new oil and gas fields. By agreeing to take out these policies, they become complicit in endangering the lives of our children.

Consequently, more than 100 Swiss medical persons called on insurance companies and regulators to put in place clear insurance and investment policies to cease all support for the expansion of fossil fuels, in particular by ceasing to provide any form of insurance for new extraction projects, without exception. See open letter here.

The Insure Our Future coalition has long been in direct contact with Zurich representatives. But the process is laborious and difficult: responses to requests are very slow and unclear, Zurich’s attitude to conversations is defensive and no progress is visible. Zurich does not seem to have any real interest in improving its climate policy.As an argument against stricter policies, Zurich cites the fact that it wants to focus on supporting its Oil & Gas customers through the transformation (so-called ‘engagement’).

Why then has Zurich systematically voted in favour of the boards of directors in place, and against any resolution going in the right direction to mitigate the climate crisis at the latest AGMs of expansionist firms in which the insurance company is a shareholder (Shell, Exxon, BP, etc.)? Furthermore, is it not hypocritical to “demand” that customers abandon fossil fuels, while insuring such projects? Engagement would certainly be an important complement to strong policies, but it cannot be a substitute for action.