View into a coal mine with working wheel excavator

International NGOs urge climate laggards Samsung Fire and Marine and Samsung Life to immediately set comprehensive coal phase out policies and stop renewing coal insurance

Seoul, 21 September 2023 – In a collective effort to address the climate crisis, a group of 29 NGOs from across the world, including Solutions for Our Climate (SFOC) and Insure Our Future, has issued an open letter to the CEOs of Samsung Fire and Marine (Samsung FM) and Samsung Life Insurance demanding stronger climate …

Korean property and casualty insurers lack oil and gas insurance and investment policies

Eight out of nine companies score “0” on oil and gas insurance and investment policies. Need to establish a policy on overall fossil fuels to manage climate change risk. Even as fossil fuels were (and still are) being identified for exacerbating climate change, it was found that Korean domestic property and casualty insurers have no …

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 …

South Korea’s largest general insurers fail to cut ties with coal, again

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 …

Samsung’s tougher policy prompts calls for faster coal-exit

All of Samsung’s financial subsidiaries, including Samsung Fire & Marine, adopted one of the most concrete coal-exit policies in South Korea   South Korea’s largest conglomerate Samsung will commit all of its financial subsidiaries to stop investing in coal companies, a new database of South Korean financial institutions’ climate policies revealed Thursday. As the country’s …

Over forty environmental organizations urge Samsung to stop fueling climate change

The world’s third-largest electronics giant claims to be an innovative technology leader but faces global scrutiny on Earth Day over its over-reliance on fossil fuels   More than forty global environmental organisations sent a letter to the Samsung Group, urging the company to stop fuelling climate change and set more ambitious climate measures. The letter was delivered …

The Oil and Gas Policy Tracker

A tool to detect greenwashing practices in the finance sector Reclaim Finance and more than 15 NGOs launch the “Oil and Gas Policy Tracker” (OGPT). The tool is the first of its kind: it assesses in great detail the oil and gas exclusion policies (or lack thereof) of the 150 biggest financial institutions worldwide. The …

Korean insurers have exited new coal while other financial institutions fail to meet global standards

Korean insurers have stopped providing coverage for the construction and operation of new coal-fired power plants finds new report A majority of financial institutions in South Korea failed to meet global standards of divestment from coal, Solutions for Our Climate said in its Wave of Coal Exit Pledges in 2021, Still Lacking Effective Policies issue …

2021 Scorecard on Insurance, Fossil Fuels & Climate Change

Insuring Our Future: The 2021 Scorecard on Insurance, Fossil Fuels and Climate Change, focuses on 30 of the world’s top insurers. It is published by 26 organizations from 14 countries and will be launched today at the COP26 UN Climate Summit in Glasgow. Insure Our Future’s fifth annual report on the insurance industry’s response to …

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