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Sompo joins NZIA and GFANZ, 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 …
Today, Sompo, one of the top three Japanese non-life insurers, updated its coal policy. Sompo committed to stop underwriting and investing in new and existing coal-fired power plants and coal mines, and new tar sands and energy exploration projects in Arctic National Wildlife Refuge in Alaska. Sompo is the first Japanese insurer to rule out …
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 …
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 …
On February 8, 2022, five Environmental NGOs sent the request letter to 62 financial institutions which seem to be holding SOMPO’s stock. Dear SOMPO Holdings Shareholders, Request to engage with SOMPO to urge the company to stop underwriting fossil fuel projects Japan Center for a Sustainable Environment and Society (JACSES) Kiko Network Friends of the Earth …
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 …
Coal industry nearly uninsurable as U.S. & Bermuda companies provide last lifeline The global insurance industry is undermining efforts to meet climate targets by continuing to support new oil and gas production, the Insure Our Future campaign reveals today in its fifth annual scorecard on insurers’ climate policies. Only three insurers, France’s AXA, Italy’s Generali, …
The 2020 Scorecard finds that Insurers’ continued retreat from coal is making it harder and more expensive to secure insurance for coal projects. Although momentum is growing, it falls short of what is needed to drive action to meet international climate targets. Major companies in the U.S., the Lloyd’s market and East Asia are still …
Laggards in U.S., Asia and Lloyd’s Market slow global progress Insurers’ continued retreat from coal is making it harder and more expensive to secure insurance for coal projects, the Insure Our Future campaign revealed in its fourth annual scorecard on insurers’ climate policies. Although momentum is growing, it falls short of what is needed to …
Today, Sompo became the first Japanese insurance company to adopt a position on coal. According to the position, Sompo “will not insure and invest in new construction of coal-fired power plant in Japan, except for projects for which underwriting, investment and financing has already been expressed”. However, this commitment comes with significant loopholes: Sompo will …
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