Our best insurance is to keep fossil fuels in the ground

Insurance companies have a responsibility to immediately stop insuring fossil fuel expansion. Except for a few laggards, most insurers have stopped insuring new coal projects under pressure from the Insure Our Future campaign. However, contradicting their own climate commitments, most insurers continue to underwrite the expansion of the oil and gas industry.

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Number of companies with fossil fuel exclusion policies, by sector

Insurers, as society’s risk managers, should take responsibility to actively support global action to avoid climate breakdown, and drive the transition to a low-carbon economy. Without insurance most new fossil fuel projects cannot go ahead and existing ones must close.

 

Click here to view a detailed document on insurance company fossil fuel underwriting policies

Insurers need to stop supporting fossil fuel expansion

Insure Our Future calls on all insurers to immediately stop insuring new fossil fuel projects, and to phase out existing coal, oil and gas insurance in line with a 1.5°C pathway.

Prominent voices from the public and private sector agree:

Reducing exposure to Oil & Gas should be the next environmental objective for insurers… and could help unlock an additional ‘green premium’ for the sector.

Société Générale

There are no new oil and gas fields approved for development in our pathway [Net-Zero to 2050] and no new coal mines or mine extensions are required.

International Energy Agency's Net Zero by 2050 report, May 2021

We need net zero commitments to cover your underwriting portfolios, and this should include the underwriting of coal – and all fossil fuels.

Antonio Guterres, Secretary-General of the United Nations, at the Insurance Development Forum

I encourage insurers to only underwrite those portfolios that are consistent with the goals of the Paris Agreement.

Patricia Espinosa, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC)

The cumulative scientific evidence is unequivocal: Climate change is a threat to human well-being and planetary health. Any further delay in concerted anticipatory global action on adaptation and mitigation will miss a brief and rapidly closing window of opportunity to secure a liveable and sustainable future for all.

IPCC Sixth Assessment Report on Climate Change 2022: Impacts, Adaptation and Vulnerability

Our demands to the insurance industry:

1

Stop insuring new and expanded coal, oil, gas, and LNG infrastructure across the entire value chain.

2

End insurance services to companies engaged in fossil fuel expansion or not aligned with a 1.5°C pathway.

3

Stop new investments and phase out existing investments in companies engaged in expanding fossil fuels.

The 2025 Insurance AGM Season: Continued Inaction on Climate

Many insurance companies across Europe and North America just wrapped up their annual shareholder meetings. Insure Our Future network organisations recently attended to assess how insurers are approaching climate risk and fossil fuels, as the climate crisis intensifies and threatens to undermine the insurance industry itself. What they witnessed was a bleak picture of continued …

18 global insurers and 10 banks have excluded the Alaska LNG from their support

18 global insurers and 10 banks have excluded the Alaska LNG from their support – Environmental NGOs urged Tokio Marine to comply its policy at the annual general meeting – Japan Center for a Sustainable Environment and Society (JACSES) Friends of the Earth Japan Mekong Watch Rainforest Action Network (RAN) Oil Change International First published …

Insurers’ exclusion policies contribute to mine closures, study finds

A new academic study by researchers at the University of Zurich and the Swiss Finance Institute provides the first systematic evidence on the effects of insurers’ carbon underwriting policies. The study finds that when major insurers wield their underwriting power to manage climate risks, this can have real consequences for the coal industry. Using data …