Mums climate action at England-India cricket match: Chair of Lords & Lloyd’s told ‘fossil fuels are just not cricket’

A group of mums unfurled a huge banner at today’s England – India cricket match challenging Bruce Carnegie-Brown, Chair of Marylebone Cricket Club and Lloyd’s of London – one the world’s biggest insurers of fossil fuels – to take ambitious climate action. The 9 metre banner – with the message ‘Bruce: Fossil Fuels are just …

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 …

#StopEACOP response to media reports claiming that EACOP is fully insured

Recent media reports in The Independent and Nile Post suggest that the East African Crude Oil Pipeline (EACOP) has been fully insured and reinsured with local firms through the Insurance Consortium for Oil and Gas in Uganda (ICOG). The #StopEACOP campaign believes this information is misleading—numerous official documents indicate (and standard practice in the industry …

Top German (re)insurer Talanx passes on EACOP

Talanx, Germany’s third largest insurer, is the latest (re)insurance company to confirm to the #StopEACOP Coalition that they will not (re)insure the East African Crude Oil Pipeline (EACOP). They join 11 other (re)insurers, including 4 of the world’s biggest (re)insurance companies – Munich Re, Swiss Re, Hannover Re, and SCOR. Talanx follows fast in the …

Three more insurers rule out the East African Crude Oil Pipeline

Insurance providers Argo Group and Axis Capital, both Lloyd’s of London members, and RSA Insurance Group Limited, a leading UK insurer, have informed the #StopEACOP coalition that they will not be involved in underwriting the East African Crude Oil Pipeline (EACOP) project. The decision by the three firms brings the total number of (re)insurers who …

South Korea’s largest general insurers fail to cut ties with coal, again

Samsung Fire & Marine Insurance and Hyundai Marine & Fire Insurance will not phase out existing underwriting of insurance for coal-powered projects, despite financial and climate concerns, according to their latest ESG reports. South Korea’s largest general insurers Samsung Fire & Marine Insurance (Samsung FMI) and Hyundai Marine & Fire Insurance (Hyundai MFI) announced it …

Investing in climate chaos

American International Group (AIG), Berkshire Hathaway, Travelers, and Chubb are among the ten insurers that collectively invested over $59.7 billion in fossil fuels in 2019, finds an analysis released today by Insure Our Future, Public Citizen, and Rainforest Action Network. The report analyses 2019 data released in April 2022 by the California Department of Insurance to …

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 …

Sompo becomes first Asian insurer to rule out coal companies

Sompo joins NZIA, 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 Refuge. Sompo …

Going Beyond Insurers’ Voluntary Initiatives

Risk management is at the heart of insurers’ business. Yet we find that insurers are still not adequately considering – and are in fact actively compounding – the greatest risk humanity faces today: climate change and its irreversible consequences. This briefing compares insurers’ words with their actions. It shows that even members of voluntary initiatives, …

MAPFRE’s climate commitments: progress and weaknesses

In March 2022, Mapfre, one of Europe’s largest insurers and the largest non-life insurer in Latin America, published its renewed environmental commitments during its Annual General Meeting. The International Institute for Law and Environment (IIDMA), which analysed in 2021 the Group’s activities as part of a broader study on the insurance sector’s relationship with climate change, has reviewed …

Mothers create song and dance extravaganza outside Lloyd’s of London to urge the insurer to stop harming children’s futures

Mothers created a song and dance extravaganza outside Lloyd’s of London HQ today (Monday 13 June 2022) to urge the insurance giant to stop jeopardising children’s futures by underwriting damaging fossil fuel projects. It was a protest like no other, with Mary Poppins meeting climate action. The action comes just a few weeks after a …

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 …

Samsung’s tougher policy prompts calls for faster coal-exit

All of Samsung’s financial subsidiaries, including Samsung Fire & Marine, adopted one of the most concrete coal-exit policies in South Korea   South Korea’s largest conglomerate Samsung will commit all of its financial subsidiaries to stop investing in coal companies, a new database of South Korean financial institutions’ climate policies revealed Thursday. As the country’s …

Sompo takes insufficient step on coal but becomes first Japanese insurer to rule out new oil sands and Arctic energy exploration

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 …

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 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 …

Mums ramp up pressure on Lloyd’s to stop insuring fossil fuels

Parent groups, Mothers Rise Up and Parents For Future UK, are calling on Bruce Carnegie-Brown, Chair of Lloyd’s of London and a father of four, to stop insuring the world’s most damaging fossil fuel projects. A group of UK mums will meet with Carnegie-Brown on May 17, ahead of Lloyd’s AGM and hold a Father’s …

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