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.

Learn more

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

Oil & Gas: 10

10 companies have committed to end or restrict underwriting for new oil and gas projects

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.

Mums climate action at England-India cricket match: Chair of Lords & Lloyd’s told ‘fossil fuels are just not cricket’

A group of mums unfurled a huge banner at today’s England – India cricket match challenging Bruce Carnegie-Brown, Chair of Marylebone Cricket Club and Lloyd’s of London – one the world’s biggest insurers of fossil fuels – to take ambitious climate action. The 9 metre banner – with the message ‘Bruce: Fossil Fuels are just …

Baden-Baden 2022: Time for reinsurers to stop fueling climate catastrophes and start accelerating the clean energy transition

From 23-26 October, underwriters and brokers from the global reinsurance industry will meet at the annual Baden-Baden reinsurance meeting in Germany to negotiate new reinsurance contracts. Given the foundational and decisive role of the reinsurance industry in enabling fossil fuel extraction, the Baden-Baden meeting deserves critical attention. Looking at the dynamics of the 2022 Baden-Baden …

#StopEACOP response to media reports claiming that EACOP is fully insured

Recent media reports in The Independent and Nile Post suggest that the East African Crude Oil Pipeline (EACOP) has been fully insured and reinsured with local firms through the Insurance Consortium for Oil and Gas in Uganda (ICOG). The #StopEACOP campaign believes this information is misleading—numerous official documents indicate (and standard practice in the industry …