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 …

People from across the globe are coming together to demand #MarshDropEACOP

In May 2022, an investigative news article revealed that Marsh, the world’s biggest insurance broker, is approaching insurers and trying to convince them to provide insurance coverage to build the controversial East African Crude Oil Pipeline (EACOP). EACOP would be the world’s longest heated oil pipeline, which Total Energies and China National Offshore Oil Corporation …

Lloyd’s new ESG report: greenwashing, not climate action

Lloyd’s of London published its 2021 Environmental, Social and Governance (ESG) Report two days ahead of its Annual General Meeting on May 19. Lloyd’s second ESG report is a document almost completely lacking in substance which does more to obscure the climate destroying actions of its members than to shed light on how it intends …

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 …

Munich Re is enabling climate destruction

Munich Re, the world’s largest reinsurer, is being called on by campaigners from Insure Our Future for its failure to rule out oil and gas insurance, despite its competitors adopting exit policies in recent weeks. Munich Re has demonstrated a willingness to act on climate, but its steps are far too small for the urgency …

People’s AGM

Every year – usually in the Spring – financial institutions, like banks, insurance companies, and investors, gather for Annual General Meetings (AGMs) with interested shareholders to discuss company performance, returns on investment, and future strategy. But we know what their future strategy should be: immediately stop insuring and investing in new fossil fuels – and …

Hannover Re adopts oil and gas exit policy

Insure Our Future welcomes Hannover Re’s updated oil and gas re/insurance policy and its exclusions on new oil and gas development transport and storage. This policy goes a long way towards implementing the findings of the IEA and it indicates to other insurers and financial institutions the big urgent steps required. The need to also …

AXA’s new oil and gas policy testing insurers’ self-regulation on climate risks

AXA committed to developing an energy policy this year, and now it needs to decide whether to rule out all cover for new oil and gas projects. The French insurer’s upcoming policy is a test on whether we can trust the voluntary efforts of corporate social responsibility to address climate risks or whether we need …

Reinsurance for coal: an eyewitness report from Bulgaria

The world’s biggest reinsurance companies are slowly moving away from reinsuring coal projects and companies. In March 2021, Swiss Re, one of the world’s biggest reinsurance companies, made a commitment to gradually eliminate coal from its treaty reinsurance.  Since June 2021, Munich Re, Hannover Re and SCOR, which together with Swiss Re make four of …

Self-insuring coal: a desperate ploy by an industry without a future

As the climate crisis becomes ever more tangible, insurers are rapidly exiting coal. Australian coal companies have now developed a plan to self-insure the massive risks of their operations. The scheme smacks of desperation. More than 30 major insurance companies from around the world have adopted policies to no longer insure new coal projects and …

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