Insurers’ shift away from fossil fuels continues in spite of political obstruction

This article first appeared on Environmental Finance. You can find the article here. The recent departures of Munich Re, Zurich and Hannover Re from the Net Zero Insurance Alliance (NZIA) have created a lot of debate. Amidst all the noise it’s important to remember the following basic facts about net zero commitments. Munich Re has cited antitrust concerns as the reason …

Annual letter to the CEOs of 30 major fossil fuel insurers, 2023

Every year, the Insure Our Future network publishes an open letter to the CEOs of 30 major insurance companies whose fossil fuel policies are ranked annually by Insure Our Future, among which are: AIG, Allianz, AXA, Chubb, Generali, Liberty Mutual, Lloyd’s of London, Munich Re, SCOR, Sinosure, SOMPO, Tokio Marine and Zurich. The letter outlines …

Fossil fuel insurers top Christmas 2022’s naughty list

Leaders of some of the world’s biggest insurance companies including Lloyd’s of London, AIG, Swiss Re and Allianz, will find out if they have been naughty or nice when they receive a specially selected Christmas gift from the climate action group, Mothers Rise Up, today. The CEO’s of six insurance companies – Lloyd’s of London …

Insurance CEOs have the power to stop fossil fuel expansion – they must not risk our planet for an extra squeeze of profit

As decision-makers converge in Egypt for the annual climate talks at COP, major new reports warn that we’re at risk of triggering irreversible tipping points in our Earth’s system without rapid and concerted action right now. This year has been a litany of climate disasters ravaging communities, while oil and gas companies are reaping tens …

2022 Scorecard on Insurance, Fossil Fuels, and the Climate Emergency

Insure Our Future’s annual scorecard ranks the top 30 global fossil fuel insurers on the quality of their fossil fuel exclusion policies. This year Allianz, AXA and Axis Capital rank best for their coal exit policies, while Aviva, Hannover Re and Munich Re come out on top for their oil and gas exclusions. At the bottom of fossil fuel rankings are a group of insurers …

With new coal uninsurable, insurers start to move on oil and gas

62% of reinsurers now have coal exit policies and 38% have oil and gas exclusions as shift away from fossil fuels accelerates Insurance company restrictions on oil and gas are finally starting to catch up with those on coal, according to new data from the Insure Our Future campaign. Ahead of COP27, the campaign coalition …

World’s largest reinsurer announces major new oil and gas policy

Today, Munich Re, the world’s largest reinsurer, has taken a major step away from oil and gas. Munich Re has committed that as of 1 April 2023 it will no longer invest in or insure contracts/projects exclusively covering the planning, financing, construction or operation of new oil and gas fields, new midstream oil infrastructure and …

Exposed: Insurers of Ichthys LNG – one of world’s biggest gas projects

Will major insurers rule out support for Ichthys LNG’s expansion? One month before COP27, Reclaim Finance calls on global insurers not to renew insurance coverage to Ichthys LNG, one of the most carbon-intensive liquefied natural gas (LNG) projects in Australia whose promoters TotalEnergies and Inpex (1) are currently planning its climate-wrecking expansion. Based on rare …

Baden-Baden 2022: Time for reinsurers to stop fueling climate catastrophes and start accelerating the clean energy transition

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 …

Environmental organisations call out Munich Re for failing to stop insuring new oil and gas projects

World’s largest reinsurer must align its policies with climate science, say Urgewald and Dachverband der Kritischen Aktionär*innen ahead of its Annual General Meeting Ahead of Munich Re’s Annual General Meeting (AGM) on April 28, the environmental and human rights organization Urgewald, as a member of the international campaign network Insure our Future, together with the …

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