Eco-underwriting

Greenpeace woos the insurance biz.

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Insurers and environmentalists make strange bedfellows. But over the past year, Greenpeace has made startling headway in enlisting segments of the $1.3 trillion global insurance industry in its fight against climate change, or global warming.

“What can the insurance business do to safeguard its future markets?” reads Greenpeace’s 1993 manifesto “Climate Change and the Insurance Industry.” Natural catastrophes are an industry hot button: From 1966 to 1987, no single natural catastrophe cost insurers over $1 billion (in 1992 dollars); between 1987 and April 1993, 11 natural catastrophes each topped the $1 billion mark. Greenpeace says these losses are the result of global warming.

Long term, Greenpeace hopes to cast the U.S. insurance industry in the role of corporate Lancelot against fossil fuel interests and for clean energy. The emerging relationship signals a change in the jobs-vs.-environment dichotomy that has stymied “green” policy-making efforts in the past. “Many feel that utopian, pinko Greenpeacers have an ax to grind in doing away with fossil fuels and want everybody to go back to the cave and freeze in the dark,” says Kelly Quirke, a Greenpeace activist. “But look at that insurance CEO in the suit over there: He’s losing his shirt.”

“I don’t know if Greenpeace is right,” says Frank Nutter, president of the Reinsurance Association of America and Greenpeace’s primary liaison with the industry. “But they certainly make a credible case. Our industry is in business to write insurance, and we should not be ignoring something so fundamental as a change in conditions–economic and environmental.”

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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