QBE will face another shareholder resolution aimed at forcing the insurer to step up its fossil fuel reduction efforts when its AGM takes place in Sydney on May 7.

Climate activist group Market Forces announced the planned action after QBE unveiled its full-year results last week, replicating a similar pressure tactic last year that saw a similar resolution taken up at the AGM. On that occasion it failed to secure broad support from shareholders.

QBE has declined to respond to the latest campaign from Market Forces, with a spokesman telling insuranceNEWS.com.au the insurer has already outlined its climate approach through the Group Energy Policy that was announced last year.

As part of the policy, QBE began to withdraw from coal-related business last July, and expects to have phased out all underwriting business with thermal coal customers, except for statutory or compulsory insurance, by January 1 2030.

But Market Forces says the measures do not go far enough, with campaigner Pablo Brait telling insuranceNEWS.com.au that “QBE is still open to underwriting and insuring oil and gas including tar sands, unconventional gas and industries that have a similar emissions profile to thermal coal”.

Last week QBE said the business will continue to “adjust its catastrophe models” this year as part of ongoing efforts to assess the expected impact of climate change until 2100.

“The obvious link between [the recent bushfires and other extreme weather events this summer] brings into sharp focus how climate-related risks are now the new normal for our industry,” Group CEO Pat Regan said.

“We must take action to address these risks in our own operations, at the same time as supporting our customers to mitigate their exposure to climate risks and support the transition to a lower-carbon economy.”

QBE achieved a 41% rise in net profit to $US550 million ($822 million) last year. However its Australia Pacific business suffered a rise in catastrophe claims, caused in large part by the months-long bushfire disaster that began last spring and the Townsville floods.

Net cost of catastrophe claims rose to $US193 million ($288 million) or 5.4% of net earned premium last year from $US106 million ($158.4 million) or 2.8% in 2018.

On a group-wide basis, the figures declined with net cost of catastrophe claims falling to $US426 million ($637 million) or 3.7% of net earned premium from $US523 million ($782 million) or 4.4% a year earlier.