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.
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.
Oil & Gas: 10
Tar Sands: 18
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:
We have 6 demands to the insurance industry:
MAPFRE’s climate commitments: progress and weaknesses
In March 2022, Mapfre, one of Europe’s largest insurers and the largest non-life insurer in Latin America, published its renewed environmental commitments during its Annual General Meeting. The International Institute for Law and Environment (IIDMA), which analysed in 2021 the Group’s activities as part of a broader study on the insurance sector’s relationship with climate change, has reviewed …
Mothers create song and dance extravaganza outside Lloyd’s of London to urge the insurer to stop harming children’s futures
Mothers created a song and dance extravaganza outside Lloyd’s of London HQ today (Monday 13 June 2022) to urge the insurance giant to stop jeopardising children’s futures by underwriting damaging fossil fuel projects. It was a protest like no other, with Mary Poppins meeting climate action. The action comes just a few weeks after a …
Exposed: The Coal Insurers of Last Resort
Insurance contracts obtained by the Insure Our Future campaign show how utilities are struggling to find companies to underwrite new coal power projects, reveals a report Exposed: The Coal Insurers of Last Resort. Details of which companies insure which projects are rarely disclosed, so the contracts for KEPCO, Korea’s national power utility, give a unique snapshot …