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

We have 6 demands to the insurance industry:

1
Immediately cease insuring new and expanded coal, oil, and gas projects.
2
Phase out, in line with a credible 1.5ºC pathway, insurance for coal, oil and gas companies.
3
Divest all assets, including assets managed for third parties, from coal, oil, and gas companies that are not aligned with a 1.5ºC pathway.

Risk Exposure: The insurers secretly backing the methane gas boom in the U.S. Gulf South

Report with FOIA information reveals which insurers are part of the biggest fossil fuel buildout of this generation Houston, Texas –  At least 35 different insurance companies are responsible for underwriting liquified methane export terminal projects across the U.S Gulf South, according to a report released today by Rainforest Action Network and Public Citizen. The …

A shot of natural gas storage tanks in sphere shape in Okayama, Japan

REPORT: Risk Exposure: The insurers secretly backing the methane gas boom in the U.S. Gulf South

At least 35 different insurance companies are responsible for underwriting liquified methane export terminal projects across the U.S Gulf South, according to a report by Rainforest Action Network and Public Citizen. The analysis, based on documents obtained through open record requests, details the insurance coverage for existing and projected methane gas infrastructure that, if built, …

Oil Refinery Gas Chemical Equipment Prodiction import export Concept, Crude Oil Refinery Plant Steel Pump Pipe line and Chimney and Cooling tower, Chemical or Petrochemical Factory plant, industry

Victory as Leading Global Insurers at Lloyd’s of London Rule Out Controversial East African Crude Oil Pipeline

London, 30 January 2024 – (via StopEACOP) In a significant win for the natural world and the global movement fighting fossil fuel pollution, leading (re)insurance companies SiriusPoint, Riverstone International, Enstar Group, and specialty insurers Blenheim and SA Meacock, have all officially ruled out involvement in the controversial East African Crude Oil Pipeline (EACOP) project. A …