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 …

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 …

Exposed: The Coal Insurers of Last Resort

Insurance contracts obtained by the Insure Our Future campaign show how utilities are struggling to find companies to underwrite new coal power projects, reveals a report Exposed: The Coal Insurers of Last Resort. Details of which companies insure which projects are rarely disclosed, so the contracts for KEPCO, Korea’s national power utility, give a unique snapshot …

Utilities struggle to insure new coal power, contracts reveal

Inexperienced insurers now underwriting operating coal plants as mainstream companies increasingly exit market Utilities are struggling to find insurance to build new coal power outside China, finds a report released today by the Insure Our Future campaign and Korean non-profit Solutions for Our Climate, which have obtained documents providing a rare snapshot of the state of …

SCOR finally releases timid oil policy

Today, SCOR, the 4th biggest reinsurer in the world, held its Annual General Meeting (AGM) where its CEO Laurent Rousseau took the opportunity to announce SCOR’s first underwriting exclusions on oil. While committing to no longer underwrite new oil projects is a good first step, these restrictions fail to cover gas and are thus inconsistent …

SCOR, an insurer committed to the climate?

Originally published in Environmental-Finance on May 17, 2022. Laurent Rousseau, who was appointed Chief Executive Officer of SCOR almost a year ago, will meet his shareholders for the first time on 18 May. At a time when many insurers, as society’s risk managers, are not fulfilling their responsibility to actively support global action to avoid …

The Arctic Refuge Scorecard

The Gwich’in Steering Committee (GSC) released an update to its scorecard that tracks global insurance companies’ policy on fossil fuel development in the Coastal Plain of the Arctic National Wildlife Refuge. Since the initial release of the scorecard in August 2021, six additional “gold medal” companies have been added for a total of 12 international insurers with …

SCOR commits to not provide coverage to East African Crude Oil Pipeline

As major insurers say no to providing coverage for the highly controversial East African Oil Pipeline (EACOP), the pressure is mounting on Munich Re, Lloyd’s of London and others that have yet to comment on their potential involvement.  French multinational (re)insurance company SCOR is the latest global insurer to commit not to provide coverage for …

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 …

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