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 …

Convex Insurance: corals, coal and hypocrisy?

Founded by industry veteran Stephen Catlin in London and Bermuda two years ago, Convex Insurance quickly gained international prominence. The company has gained the trust of customers and investors, created more than 300 jobs and brought a strong team together. Convex and its principal founder often emphasize values like fairness, dignity, respect and a long-term …

Tokio Marine: hot contender for corporate greenwashing award

Tokio Marine, Japan’s biggest international insurance company, would like to see itself as a corporate climate leader. It needs to quickly exit coal if it doesn’t want to be seen as a leader in corporate greenwashing. Tokio Marine’s central brand pledge is “to be a good company”, and its CEO Satoru Komiya has called climate change …

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