​​Chubb Ltd., the world’s largest publicly traded property and casualty insurer, has updated underwriting criteria for natural gas and extraction projects to require clients to reduce methane emissions.

The Swiss-based insurer, which collaborated with stakeholders on the criteria, has most of its business in the United States.

“The methane-related underwriting criteria that Chubb has adopted – the first of their kind in our industry – are focused on the balance between the need to transition to a low-carbon economy and society’s need for energy security,” CEO Evan G. Greenberg said.

“As a company, we are accelerating and expanding our climate-related initiatives without committing to sweeping net-zero pledges for which, in our judgment, there is not a viable path to...