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.
Our best insurance is to keep fossil fuels in the ground
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: 15
15 companies have committed to end or restrict underwriting for new oil and gas projects
Coal: 42
42 companies have committed to end or restrict underwriting for coal projects
- AXA 2017
- SCOR 2017
- Zurich 2017
- Allianz 2018
- Generali 2018
- Munich Re 2018
- Swiss Re 2018
- Axis Capital 2019
- Chubb 2019
- Hannover Re 2019
- HDI Global / Talanx 2019
- Mapfre 2019
- NN Group 2019
- QBE 2019
- Suncorp 2019
- The Hartford 2019
- Uniqa 2019
- Vienna Insurance Group 2019
- CNA Hardy 2020
- Fidelis 2020
- KBC 2020
- Liberty Mutual 2020
- Lloyd's of London 2020
- Royal and Sun Alliance 2020
- Samsung Fire & Marine 2020
- Aviva 2021
- DB Insurance 2021
- Hana Insurance 2021
- Hanwha 2021
- Heungkuk Fire & Marine 2021
- Hiscox Group 2021
- Hyundai Marine & Fire 2021
- Lotte 2021
- MS&AD 2021
- Tokio Marine 2021
- KB Non-Life Insurance 2022
- Travelers 2022
- AIG 2022
- Sompo 2022
- Canopius 2022
- Partner Re 2022
- Beazley 2023
Tar Sands: 23
23 companies have committed to end or restrict underwriting for tar sands projects
- AXA 2017
- Zurich 2017
- Generali 2019
- HDI Global / Talanx 2019
- Munich Re 2019
- The Hartford 2019
- Axis Capital 2020
- Hannover Re 2020
- KBC 2020
- Lloyd's of London 2020
- Mapfre 2020
- Royal and Sun Alliance 2020
- Swiss Re 2020
- Aviva 2021
- Allianz 2021
- QBE 2021
- Travelers 2022
- AIG 2022
- Sompo 2022
- Canopius 2022
- Hiscox 2022
- Fidelis 2022
- Beazley 2023
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
1/5
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.
