Progress on corporate campaigns to protect the Arctic Refuge

In March, Chubb joined a list of international insurance companies and banks – including the six largest banks in the United States and the five largest in Canada – that are deciding not to support oil and gas companies doing business in the Arctic. Chubb’s decision is significant because  you can’t drill for oil without insurance. We urge companies like Traveler’s and The Hartford to follow Chubb’s lead.

Here is the policy that Chubb adopted, which applies not just to the Arctic National Wildlife Refuge but also to other areas important for conservation:

Standards for protected conservation areas. Effective immediately, Chubb will not underwrite oil and gas extraction projects in protected areas designated by state, provincial or national governments. Chubb’s policy applies to conservation areas covered by International Union for the Conservation of Nature (IUCN) management categories I-V in the World Database on Protected Areas, which includes nature reserves, wilderness areas, national parks and monuments, habitat or species management areas, and protected landscapes and seascapes. The sixth IUCN category applies to protected areas that allow sustainable use. By the end of 2023, Chubb will develop and adopt standards for projects in category VI areas in the World Database of Protected Areas as well as for oil and gas extraction projects in the Arctic, Key Biodiversity Areas, mangrove forests, and global peatlands that are not currently listed in the World Database on Protected Areas.