The threat of reputation damage is unlikely to be enough to make that industry use its superpower to kill oil and gas.
Back in 2022, two insurance majors said they would reduce the amount of business they do with Big Oil. Allianz and Swiss Re both motivated the move with their net-zero efforts that they wanted to extend to their clients if they wanted to continue being their clients. One would think this could be a pretty effective strategy to get oil companies to become cleaner, but climate activists disagree. For them, what the insurance industry is doing is not enough.
Neither company, then, is willing to give up oil and gas entirely, possibly thanks to the premiums that business brings in. There is a simple reason for that. There is no other business that can fully replace those premiums. On the contrary, insurers are losing money on the business they do with wind and solar companies because of weather-related events and, in the case of offshore wind, what one publication called 'engineering deficiencies.
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