The US Securities and Exchange Commission (SEC) has ruled in favor of a landmark shareholder resolution calling for Chubb to stop underwriting new fossil fuel supply projects. This initiative is in line with the International Energy Agency's (IEA's) Net Zero Emissions by 2050 Scenario.

The resolution was filed by Green Century Capital Management and will be voted on at Chubb's annual general meeting in May. Green Century has filed similar resolutions directed at Travelers and The Hartford. The company expects the SEC to rule favorably, despite the three insurers having filed non-action requests.

While the SEC has previously decided to allow shareholders to make greater demands of companies to address climate risks, this is the first time that shareholders have made such a broad challenge to the U.S. insurance industry for its contributions to the climate crisis.