Zurich, Thursday 17 June 2026 – Read The Good, the Bad and the Ugly: The Reinsurance Industry’s Approach to Fossil Fuels here.
A new briefing from the Insure Our Future campaign finds that the world’s largest reinsurers are taking increasingly different approaches to fossil fuel expansion, with Swiss Re emerging as a key laggard while rivals Munich Re, Hannover Re and SCOR are making tentative progress.
The briefing examines the fossil fuel policies of the five largest reinsurers at a time when climate impacts are intensifying and a wave of proposed LNG terminals threatens to lock countries into decades of dependence on fossil gas.
More than 1,600 million tonnes per annum of LNG terminal capacity is currently under development globally – enough to more than double existing capacity. This additional capacity would lock-in long term fossil fuel dependency at a time when falling renewable and battery storage costs offer a cheaper, cleaner alternative.
"LNG has become the key climate battleground for the insurance industry. Insurers played an important role in accelerating the shift away from coal. Today they face a similar test on fossil gas expansion."
The briefing finds that Munich Re and Hannover Re have both taken limited steps to restrict support for LNG infrastructure linked exclusively to new greenfield gas fields. Munich Re introduced explicit restrictions in January 2026, while Hannover Re recently clarified that its existing policy is being applied in the same way.
Swiss Re in the spotlight
For decades, Swiss Re was widely regarded as one of the insurance industry’s leading voices on climate risk. It was the first reinsurer to rule out underwriting new coal projects in 2018, and the second to restrict insurance support for new greenfield oil and gas extraction in 2022.
However, since Andreas Berger took the helm in July 2024, Swiss Re has started to downplay climate risks and roll back its climate commitments. It withdrew from validation of its climate targets by the Science Based Targets initiative (SBTi) in 2025 and has repeatedly rejected calls to adopt restrictions on LNG terminals. Its annual flagship report about natural catastrophes only contained five references to climate change in 2026, compared with 105 mentions in 2020.
In its 2025 Sustainability Report, Swiss Re stated that the share of oil and gas premiums derived from companies aligned with net-zero had increased from 53% in 2024 to 73% in 2025. This raises questions about Swiss Re’s definition of alignment, given the net zero backsliding of oil majors such as Shell and bp over the course of that year.
"When major producers are stepping back from their emissions reduction commitments, it is difficult to understand how Swiss Re's net zero alignment claims add up."
The briefing comes as climate scientists warn that warming impacts are accelerating and exceeding previous expectations. New research has raised concerns that the Atlantic Meridional Overturning Circulation (AMOC) could be more vulnerable than previously understood, with potentially catastrophic consequences for weather systems, agriculture and sea-level rise.
As the companies that ultimately absorb and manage catastrophic risk, reinsurers occupy a uniquely influential position in the global economy: Their underwriting decisions can determine whether major fossil fuel projects proceed.
Insure our Future argues that reinsurers cannot claim climate leadership while continuing to enable the irresponsible build-out of LNG infrastructure. As insurance executive Richard Brindle, Chairman of Fidelis Insurance, observed in 2022: “The insurance industry has a hugely important role to play in holding companies to account and making change happen – but nothing changes unless we are prepared to walk away from activities that are harmful to the environment, people and society.”
Read The Good, the Bad and the Ugly: The Reinsurance Industry’s Approach to Fossil Fuels here.
