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What’s happening with the Net Zero Insurance Alliance Today, French reinsurer SCOR, the world’s 7th biggest non-life reinsurance company left the Net Zero Insurance Alliance (NZIA) while significantly strengthening its oil and gas restrictions at the same time. At its AGM, the reinsurer today announced that it would no longer underwrite the development of new …
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 …
In an open letter Paul Parker, recording clerk of Quakers in Britain, and Bainito Wamalwa, Africa section clerk of Friends World Committee for Consultation, asked for a meeting with the world’s leading insurance market to discuss its action on climate change. They urged Lloyd’s Chairman Bruce Carnegie-Brown and Chief Executive John Neal, whose members insure a large …
Originally published in ESG Investor on February 9, 2023 Since activist short-seller Hindenburg Research accused the Adani Group of “pulling the largest con in corporate history” on 25 January, the value of the world’s biggest private developer of new coal has been in free fall. The exposure of Adani’s fraud sheds an embarrassing light on organisations – …
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 …
Global wind power capacity must grow eight- and solar capacity five-fold by 2030 so we can limit global warming to 1.5°C, the International Renewable Energy Agency has found. Scaling up the renewable energy sector is all the more urgent in order to replace Russian fossil fuels with wind and solar rather than new oil and …
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 …
As climate change spirals out of control, natural disasters are becoming more frequent and expensive. Munich Re, the world’s biggest reinsurance company, reports that natural disasters caused losses of $280 billion in 2021, up from $166 billion in 2019 and $210 billion in 2020. The insurance industry was created to manage risk, but under pressure …
On 30 September 2022, Tokio Marine, Japan’s biggest international insurer, updated its climate policy to rule out new underwriting and investment in tar sands mining and oil and gas explorations in the Arctic areas. While Insure our Future welcomes the company’s commitment to stop supporting some extreme fossil fuels projects, considering its presence in the …
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 …
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