QBE boss John Neal was probably hoping for a quiet little cup of tea with shareholders on Wednesday, free of the acrimony associated with his early years in the job which were blighted by a string of profit downgrades.

Alas, the room temperature may get a little heated as the insurer battles activists over its rather prosperous association with the coal industry.

Investment activist group Market Forces launched its QBE campaign on Monday, calling on the insurance company to stop "making climate change possible". This is rather important given the impact that extreme weather events is having on QBE's bottom line.

"Last month, QBE Group CEO John Neal called on the insurance industry to do more to combat climate change, yet his own company continues to be one of the key pillars supporting the fossil fuel industry," said Dan Gocher from Market Forces. Gocher just happens to be a former analyst at QBE.