QBE Insurance, whose climate future are you underwriting?
WHY THIS CAMPAIGN
PROBLEM
Climate damage is increasing and QBE is highly exposed. Extreme weather events fuelled by climate change are creating direct risks for Australian property and agriculture. If companies fail to prepare for them properly, these risks are passed on to their shareholders. QBE Insurance Group Limited (ASX: QBE) underwrites (insures) a large portion of property and agriculture that is at risk from climate-related events.
QBE's climate policy allows for continued underwriting of oil and gas projects. Meanwhile, QBE’s Environmental and Social Risk Framework provides for unrestricted underwriting of oil and gas projects well until 2030, at which point QBE will then start assessing whether the company is on a pathway consistent with achieving the Paris Agreement to limit global warming to well below 2 degrees celsius (preferably 1.5) above pre-industrial levels.
QBE is a laggard: QBE is the only Australian listed provider of general commercial insurance with a policy that allows for continued, unrestricted oil & gas underwriting. Peers such as Allianz, Aviva, AXA, Swiss Re and Zurich are implementing much tighter exclusions for new oil and gas projects, demonstrating what it looks like for big insurers to better manage climate risk.
QBE is leaving big questions unanswered about their climate risk management: Australian Ethical, the $14 billion super fund and asset manager, has been engaging QBE for several years raising questions about the company’s climate risk management, underwriting of oil and gas, and climate policy advocacy. Despite this, QBE leaves big questions unanswered. That’s why, together with Australian Ethical, we are working together to turn up the shareholder pressure, with a resolution at the company’s Annual General Meeting early 2026. This campaign builds on Australian Ethical’s long-standing stewardship work and commitment to climate transparency (learn more about Australian Ethical’s engagement history).
OPPORTUNITY
Insurance companies like QBE have an opportunity to lead by being more transparent on climate risk and aligning underwriting with long-term business interests.
SIX and Australian Ethical will lodge a shareholder resolution requesting QBE disclose the extent of their oil and gas exposure. This is a continuation of Australian Ethical’s stewardship approach – using ownership to drive better climate governance.
Because QBE is one of the only Australian listed providers of general insurance with global operations, stronger disclosures could influence climate policy in critical global markets.
Want to learn more about the campaign? RSVP to our virtual lunch & learn with the SIX campaigns team and Amanda Richman (Ethical Stewardship Lead at Australian Ethical), online on Zoom, on Thursday 5 February 2026 12.30pm AEST.
Header image credit: Advanstra
TAKE ACTION NOW!
SIX needs shareholders to support this campaign!
You can create a SIX trading account and use the SIX platform to buy QBE Insurance shares.
Already own shares in QBE?
Sign SIX’s agency agreement ensuring you will be on the list of shareholders supporting the resolution with the company.
About Australian Ethical:
For nearly 40 years, Australian Ethical has been one of Australia’s leading ethical investment managers – advocating for change and investing with purpose, guided by the same ethical charter since 1986. Find out more about their investment and superannuation products, and discover more about Australian Ethical’s ongoing climate stewardship.
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References
Australian Ethical, 12 May 2025, We're asking QBE to do better.
