QBE has been classed a “bystander” – a group taking the least action on climate change – in this year’s Global Climate 500 Index, released today.

The report ranks the world’s 500 largest asset owners according to efforts to manage climate risk in their portfolios.

The only other Australian insurers big enough to feature are life companies BT Financial Group, rated A, and AMP, rated D – the same as QBE.

It is the Asset Owners Disclosure Project’s fourth index since the Climate Institute pioneered an Australian survey in 2008.

It was released as protestors gathered outside QBE’s Sydney office this morning, accusing the insurer of “making climate change possible” by underwriting the fossil fuel industry.

Campaign group Market Forces put the company’s slogan – “Made possible by QBE” – on images of damaged coral reef, bushfires and major fossil fuel projects, which it plastered across the building.

The protest preceded Wednesday’s AGM, where campaigners want shareholders to question the QBE board on its commitment to tackling climate change.

QBE was unavailable for comment when insuranceNEWS.com.au called today.

Last month Group CEO John Neal used LinkedIn to call on the insurance industry to do more to combat climate change.

Market Forces analyst Dan Gocher says despite Mr Neal’s article, QBE “continues to be one of the key pillars supporting the fossil fuel industry”.

Market Forces estimates QBE earns $US350-$US400 million ($460.5-$526.3 million) in revenue from the fossil fuel industry each year.

European insurers Axa and Allianz have divested thermal coal from their investment portfolios, while Swiss Re and Munich Re have begun to address the issue.