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 conventional oil and gas projects. QBE's latest Environmental and Social Risk Framework (published December 2025) allows unrestricted underwriting of conventional oil and gas companies and expansion projects until 2029. QBE indicates they may refuse coverage for clients deemed underdeveloped or slow to adapt to the climate transition – but only after three years of engagement, and for any clients who earn less than 60% of their revenue from oil and gas, QBE won’t begin applying this potential consequence until as far away as 2040. And for any clients earning less than 30% of their revenue from oil and gas ... well, QBE considers them exempt. Plus, QBE is unclear on important assessment criteria, such as whether they are considering a client’s scope 3 emissions. So, QBE is still lagging by facilitating fossil fuel projects.

QBE is a laggard: QBE is the only Australian listed provider of general commercial insurance with a policy that allows for continued, unrestricted conventional 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. this includes working with Market Forces on shareholder resolutions in 2022. 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).