London, 9 October 2024 – Lloyd’s of London, the world’s leading insurance market, is holding back climate action through its on-going support for fossil fuel expansion, according to new analysis from Reclaim Finance (1). While other major European insurers’ no longer cover new fossil fuel projects, Lloyd’s of London continues to provide cover, with no …

Zurich, 20 September 2024 – Zurich Insurance published its first transition plan yesterday. Campax and Insure Our Future welcome the move, but are disappointed with the unambitious emission reduction targets.  Zurich Insurance, ranked 4th globally in primary insurance and 6th in insuring fossil fuels, was previously a member of the Net Zero Insurance Alliance (NZIA). …

Below, the letter “Request to engage with SOMPO to stop underwriting new fossil fuel projects” was submitted to SOMPO’s 50 large shareholders. August 28, 2024 Dear Shareholders of SOMPO Holdings, Request to engage with SOMPO to stop underwriting new fossil fuel projects Japan Center for a Sustainable Environment and Society (JACSES) Friends of the Earth …

Today, the shareholder advocacy organization Investors for Paris Compliance (I4PC) released a report outlining the role of Canada’s property and casualty insurance industry in encouraging fossil fuels while facing rising climate claims and passing along these costs to policyholders. The report Playing With Fire: Canadian Insurers and Fossil Fuels shows how the industry redistributes climate-related risks and …

There is a contradiction within Canada’s property and casualty (P&C) industry. By its own admission, climate change is threatening the industry’s business model with increased risk and rising claims, yet it is complicit in increasing this risk via its underwriting and investing in the fossil fuel industry.

The dangerous impacts of climate change – the flooding, droughts, extreme heat, tropical cyclones,  severe storms, erosion, water contamination and groundwater depletion  – are well known and witnessed daily in Bangladesh, my home, but one thing that’s less obvious is the role of the insurance industry in the crisis. Burning fossil fuels is the number …

Ahead of SOMPO’s AGM, a letter signed by 28 Environmental NGOs, including Rainforest Action Network and the Japan Center for a Sustainable Environment and Society, was delivered urging the company to cease underwriting and investing in a contentious LNG export terminal planned in Brownsville, Texas, United States, as well as in all oil, gas, and …

Japanese insurance major’s support for the controversial gas project draws protests at annual general meeting. TOKYO, JAPAN – JUNE 24, 2024 – Today, environmental NGOs including Rainforest Action Network and the Japan Center for a Sustainable Environment and Society gathered in front of SOMPO’s Annual General Meeting (AGM) to demand the Japanese insurance giant stop …

Insurers are facing the consequences of their decisions over the last half-century. Over the past month, the unfolding insurance crisis has captured headlines. The New York Times detailed how extreme weather events are stretching the insurance sector to its limits, testing the boundaries of what can and cannot be insured. Concurrently, The Guardian highlighted IPCC …

Vienna, 15 May 2024 – In response to Vienna Insurance Group’s updated sustainability rules:

New criteria falls short of aligning with 1.5°C San Francisco – In a SEC filing of “Additional Proxy Soliciting Materials” Chubb quietly updated its oil, gas, and conservation policies. RAN’s analysis, released ahead of Chubb’s Annual General Meeting Thursday, May 16th, has concluded that while the updates are a small improvement, the loopholes and narrow …

2023 was the hottest year on record, as well as the year in which we saw insurance companies abandon their customers most affected by climate risks. Climate change, mainly caused by the burning of fossil fuels (coal, oil and gas), is accompanied by ever more intense and frequent climatic disasters: forest fires, floods, drought, hurricanes, …