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A group of mums unfurled a huge banner at today’s England – India cricket match challenging Bruce Carnegie-Brown, Chair of Marylebone Cricket Club and Lloyd’s of London – one the world’s biggest insurers of fossil fuels – to take ambitious climate action. The 9 metre banner – with the message ‘Bruce: Fossil Fuels are just …
From 23-26 October, underwriters and brokers from the global reinsurance industry will meet at the annual Baden-Baden reinsurance meeting in Germany to negotiate new reinsurance contracts. Given the foundational and decisive role of the reinsurance industry in enabling fossil fuel extraction, the Baden-Baden meeting deserves critical attention. Looking at the dynamics of the 2022 Baden-Baden …
Recent media reports in The Independent and Nile Post suggest that the East African Crude Oil Pipeline (EACOP) has been fully insured and reinsured with local firms through the Insurance Consortium for Oil and Gas in Uganda (ICOG). The #StopEACOP campaign believes this information is misleading—numerous official documents indicate (and standard practice in the industry …
Talanx, Germany’s third largest insurer, is the latest (re)insurance company to confirm to the #StopEACOP Coalition that they will not (re)insure the East African Crude Oil Pipeline (EACOP). They join 11 other (re)insurers, including 4 of the world’s biggest (re)insurance companies – Munich Re, Swiss Re, Hannover Re, and SCOR. Talanx follows fast in the …
Insurance providers Argo Group and Axis Capital, both Lloyd’s of London members, and RSA Insurance Group Limited, a leading UK insurer, have informed the #StopEACOP coalition that they will not be involved in underwriting the East African Crude Oil Pipeline (EACOP) project. The decision by the three firms brings the total number of (re)insurers who …
Samsung Fire & Marine Insurance and Hyundai Marine & Fire Insurance will not phase out existing underwriting of insurance for coal-powered projects, despite financial and climate concerns, according to their latest ESG reports. South Korea’s largest general insurers Samsung Fire & Marine Insurance (Samsung FMI) and Hyundai Marine & Fire Insurance (Hyundai MFI) announced it …
American International Group (AIG), Berkshire Hathaway, Travelers, and Chubb are among the ten insurers that collectively invested over $59.7 billion in fossil fuels in 2019, finds an analysis released today by Insure Our Future, Public Citizen, and Rainforest Action Network. The report analyses 2019 data released in April 2022 by the California Department of Insurance to …
In May 2022, an investigative news article revealed that Marsh, the world’s biggest insurance broker, is approaching insurers and trying to convince them to provide insurance coverage to build the controversial East African Crude Oil Pipeline (EACOP). EACOP would be the world’s longest heated oil pipeline, which Total Energies and China National Offshore Oil Corporation …
Sompo joins NZIA, but must meet new Race to Zero Criteria Today, a day after its Annual General Meeting, Sompo, one of the top three Japanese non-life insurers, became the first Asian insurer to rule out insurance and investment in coal companies and companies involved in energy exploitation in the Arctic National Wildlife Refuge. Sompo …
Risk management is at the heart of insurers’ business. Yet we find that insurers are still not adequately considering – and are in fact actively compounding – the greatest risk humanity faces today: climate change and its irreversible consequences. This briefing compares insurers’ words with their actions. It shows that even members of voluntary initiatives, …
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