Why the insurance industry must stop supporting fossil fuels

An offshore oil platform stands in the Guanabara Bay near Niteroi, Rio de Janeiro state, Brazil. (Dado Galdieri/Bloomberg)

From 2015 to 2018, I worked as a project manager and then as a management consultant at a top 10 global P&C carrier. My employer operated out of LEED-certified buildings and gleaming facilities. But Styrofoam® was the norm in the office cafeteria, and the trash bins were literally overflowing after the lunchtime rush. I started an internal employee interest group to advocate for more sustainable operations, and we were generally met with nodding heads and positive action.

Once the obvious operational issues were addressed, we moved onto larger topics: investing and underwriting of fossil fuels. That is where we finally realized the magnitude of the positive impact our employer could have on the world, while dramatically improving the company’s future profitability prospects.