Zurich, 8 April 2024 – In a Bloomberg story today, the Zurich Insurance Group today announced major new fossil fuel restrictions, excluding the underwriting of new oil and gas extraction and metallurgical coal projects. The Insure Our Future campaign and its Swiss member Campax welcomed the news and called on AIG, Tokio Marine and the big Lloyd’s insurers to move next.
Zurich is the world’s 6th biggest fossil fuel insurer. The company was a priority target of the #InsureOurFutureNow Global Week of Action, in which more than 100 groups in 31 countries participated from February 26 through March 3.
"Zurich has done the right thing by excluding new oil and gas extraction projects and showing leadership on metallurgical coal. If they aim to be the true leader in sustainability they claim to be, they now need to commit to fully phasing out oil and gas insurance and investments in line with a credible 1.5°C pathway."
"It is encouraging that with Zurich, all big European insurers have now stopped underwriting new oil and gas extraction projects. AIG, Tokio Marine and big Lloyd's insurers like Hiscox now need to move next. All insurers also must stop underwriting the new LNG terminals, pipelines and gas power plants which lock in increased fossil fuel demand for decades to come."
Zurich’s announcement comes days ahead of its AGM on April 10, at which 50 activists from Campax, Collectif Breakfree, Eko and other groups had planned to ask shareholder questions, stage a flashmob and hold other protests.
According to calculations of the Insure Our Future campaign, 18 insurers with a market share of 20% in primary insurance and 47% in reinsurance have adopted oil and gas restrictions. 47 insurers have adopted coal exit policies.
