In response to the European Insurance and Occupational Pensions Authority (EIOPA) recommendation of a “dedicated prudential treatment for insurers’ fossil fuel assets to cushion against transition risks” Minyoung Shin, Global Coordinator for Insure Our Future, said:
“EIOPA’s recognition of the elevated risks of fossil-fuel-related assets sends a clear message to insurers that continuing to underwrite coal, oil, and gas expansion is a losing proposition. The insurance industry has an opportunity to catalyze the equitable, clean energy transition for communities, families, and workers. By doing so, insurers will mitigate catastrophic losses by reducing pollution, while unlocking the financial benefits from renewable energy insurance that is expected to generate cumulative premiums of $237 billion by 2035.”
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