Korean Reinsurance begins its move away from coal but too slowly, according to civil society  December 6, 2022 – Asia’s second-largest reinsurance company, Korean Re, will no longer be providing reinsurance for new coal mining or power plant construction from next month.   Reinsurance functions as insurance for insurance companies. If reinsurers restrict insurance coverage of …

In making Scope 3 emissions reporting optional, the PCAF-NZIA protocol violates Race to Zero and UNHLEG recommendations London – Today the Platform for Carbon Accounting Financials (PCAF) and the Net-Zero Insurance Alliance (NZIA) published their long-awaited Greenhouse Gas Accounting and Reporting Standard for the insurance industry. Under the minimum criteria of the UN Race to …

Tomorrow, at its Annual General Meeting, MAPFRE, one of Europe’s largest insurers and the largest non-life insurer in Latin America, will adopt a significantly updated climate policy. Insure Our Future welcomes MAPFRE’s commitment that it “will not insure [or invest in] coal, gas and oil companies that do not commit to an energy transition plan …

In solidarity with Ukraine, a coalition of NGOs and groups around the world have sent a letter calling on financial institutions most exposed to Russian oil, gas, and coal to cease all ties with these companies, and to stop propping up Putin’s illegal war on Ukraine.  Over 75 organisations, including Reclaim Finance, BankTrack, Stand.earth, Greenpeace, …

Insurance giant rules out support for new coal, tar sands, and Arctic energy exploration projects and commits to Net Zero emissions by 2050 for underwriting and investments WASHINGTON, D.C. – American International Group Inc. (NYSE: AIG) today announced major new company-wide climate commitments, including commitments to no longer provide underwriting and investments in the construction …

Meeting reveals Neal’s failure to understand the need to stop insuring fossil fuel expansion On February 16, Insure Our Future network members challenged John Neal, CEO of Lloyd’s of London, on the insurer’s fossil fuel policies and actions in a long awaited, but ultimately very disappointing, on-the-record meeting at Lloyd’s Lime Street headquarters. The meeting …

On February 8, 2022, five Environmental NGOs sent the request letter to 62 financial institutions which seem to be holding SOMPO’s stock. Dear SOMPO Holdings Shareholders, Request to engage with SOMPO to urge the company to stop underwriting fossil fuel projects Japan Center for a Sustainable Environment and Society (JACSES) Kiko Network Friends of the Earth …

Policy demonstrates major movement among U.S.  insurers on coal and early movement on tar sands; Travelers is 6th North American company to restrict underwriting for coal and 3rd for tar sands HARTFORD, CT (February 7, 2022)—Insurance giant Travelers adopted a policy commiting to not underwrite new coal-fired power plants. It also committed not to underwrite …

Since 2019, 15 of the world’s biggest insurers’ invested over 7.9 billion USD in oil and gas companies which have current and/or planned operations in the North Sea, finds research conducted by Profundo and published by The Ferret. Despite removing coverage and raising premiums for communities on the frontlines of the climate crisis, insurers continue …