London, 5 September 2023, first published in The Insurer – Lloyd’s of London, one of the world’s largest insurers of fossil fuels, has said it will comment more expansively on ESG guidance in September 2023. It is anticipated to be a further distancing from Lloyd’s first ESG policy, published in December 2020, and another textbook …

Paris, 28 July 2023 via Reclaim Finance – French insurer AXA has announced it will no longer cover new gas fields, becoming the 10th insurer to make such a commitment (1). But AXA has not gone as far as some of its peers, allowing exceptions for companies it considers to be “in transition”. Reclaim Finance …

The insurance sector is the Achilles’ heel of the fossil fuel industry  Without insurance, fossil fuel companies cannot operate and fossil fuel projects cannot be built or maintained.   This is why we, at Mothers Rise Up, a UK climate-parent group, focus our creative energy on the insurance sector, particularly on the world’s oldest, biggest and …

Washington D.C., 9 June 2023 –  The Senate Budget Committee today called on insurance giants American Insurance Group, Inc. (AIG), Chubb Corp, Liberty Mutual Group, Starr Wright USA, Berkshire Hathaway, State Farm, and Travelers Insurance to disclose their coverage for and investments in fossil fuels and information on how each insurer respects human rights. The Committee’s letter, …

Senator Whitehouse (D-RI), Chairman of the Senate Budget Committee, and fellow Committee members Senators Wyden (D-OR) and Sanders (I-VT) launched an investigation into how the U.S. insurance industry evaluates climate-related risks, decides to invest in or underwrite fossil fuel expansion projects that drive such risks, and prices policies that insure such projects. In letters sent to AIG, Berkshire …

Written in collaboration with Reclaim Finance. Numerous insurers have quit the Net Zero Insurance Alliance (NZIA) under pressure from climate denying politicians and officials in the United States. The insurance industry has for decades been aware of the causes and serious consequences of climate change and its business model is being shaken by repeated multi-billion …

This article first appeared on Environmental Finance. You can find the article here. The recent departures of Munich Re, Zurich and Hannover Re from the Net Zero Insurance Alliance (NZIA) have created a lot of debate. Amidst all the noise it’s important to remember the following basic facts about net zero commitments. Munich Re has cited antitrust concerns as the reason …

Germany, Hanover May 2, 2023 – Talanx, a major German insurance group which operates globally, has adopted new restrictions on oil and gas. New oil and gas fields will no longer be insured as of July 1, 2023.  New oil power plants and new infrastructure directly associated with new oil fields will also be excluded. …

1​7​ January 2023 – The Net-Zero Insurance Alliance (NZIA) Target-Setting Protocol, launched today at the World Economic Forum, lacks ambition and opens the door to corporate greenwashing according to the Insure Our Future campaign. ​​​​​The protocol is supposed to set targets for the underwriting portfolios of the 29 insurance and reinsurance NZIA members to align …

Leaders of some of the world’s biggest insurance companies including Lloyd’s of London, AIG, Swiss Re and Allianz, will find out if they have been naughty or nice when they receive a specially selected Christmas gift from the climate action group, Mothers Rise Up, today. The CEO’s of six insurance companies – Lloyd’s of London …

An industry willing to sacrifice a livable planet • 96% of upstream oil and gas companies are still expanding their operations. • GOGEL is the first tool that makes it possible to systematically assess whether companies are in line with the IEA’s Net Zero Emissions scenario. • LNG terminals under development would more than double …

As climate change spirals out of control, natural disasters are becoming more frequent and expensive. Munich Re, the world’s biggest reinsurance company, reports that natural disasters caused losses of $280 billion in 2021, up from $166 billion in 2019 and $210 billion in 2020. The insurance industry was created to manage risk, but under pressure …