A survey by WWF France has found that the top 17 insurance companies are unable to provide individual retail investors with information about the climate footprint of their savings – despite the country’s ‘Article 173’ world-leading climate disclosure regime.
WWF volunteers conducted 180 interviews – both online and in person – with local sales representatives of their own insurers to find out whether their savings were contributing to climate change or otherwise.
Only 13% of the volunteers found that the information provided to them was sufficient and easily understood, while 71% were unable to find the information.
A further 16% were able to find the information but were not able to understand it.
However, WWF singled out BNP Paribas Cardif and AG2R La Mondiale for praise for the use of a thermometer indicating the alignment of their equity and fixed-income portfolio with the 2° target under the Paris Agreement.The report called the indicator “compelling, relevant, and easy to understand”.
Separately, a WWF analysis of the insurers’ mandatory climate disclosures revealed that only four insurers – Allianz-France, Aviva-France, Axa-France and CNP – have begun reporting against the recommendations of the Taskforce for Climate-related Financial Disclosures.
The report made note of the fact that most of these insurers were French subsidiaries of international insurance companies.
Since July 2017, institutional investors – including insurance companies – have been required to disclose climate-related risks and opportunities under Article 173 (vi) of the French Energy Transition for Green Growth Act.
The WWF survey comes ahead of a government review of the implementation of these reporting requirements, scheduled to take place by the end of the year.