Protesters holding a banner outside Vienna Insurance Group headquarters

42 environmental organisations across Central and Eastern Europe unite in denouncing Vienna Insurance Group’s lack of oil and gas policy and are making their voices heard at its AGM

Vienna, 26 May 2023 – Over 40 environmental organisations from Central and Eastern Europe (CEE) have united to publish an open letter [1] addressed to the CEO of Vienna Insurance Group (VIG), Ms. Elisabeth Stadler, expressing deep concern over the company’s lack of an oil and gas policy and its too laxed coal policy, and …

Insure Our Future’s response to the Net Zero Insurance Alliance exodus

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 …

SCOR AGM: French reinsurer to no longer cover new gas fields

Paris, 25 May 2023 – At its Annual General Meeting (AGM) today, the first for the new CEO Thierry Léger, SCOR announced that it will no longer cover new gas field development projects (1). Reclaim Finance welcomes these new climate commitments and calls on Thierry Léger to also exclude new liquefied natural gas (LNG) terminals …

Oil and gas platform in Norway

Insurance giants complicit in Norway’s oil and gas expansion

Oslo, 24 May 2023 – A new report from Greenpeace Nordic reveals for the first time the extent that insurance companies are prioritising dirty profits over the future of the planet by facilitating new oil and gas projects in defiance of the Paris Agreement targets and their own greenwashing rhetoric. The report, Ensuring Disaster, was …

Over 500 students refuse to work for climate-wrecking Lloyd’s of London and others

Read The Guardian article, “UK students pledge ‘career boycott’ of insurers over fossil fuels,” published on May 24, 2023 covering the students who refuse to work for climate-wrecking insurance companies. The text of the letter to Lloyd’s of London, Beazley, Brit, Hiscox, Liberty Managing Agents, Chaucer and Tokio Marine Kiln management is as follows: “We, …

Insurers’ shift away from fossil fuels continues in spite of political obstruction

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 …

Another major insurance group commits to stop insuring new oil and gas exploration

Germany, Hanover May 2, 2023 – Talanx, a major German insurance group which operates globally, has adopted new restrictions on oil and gas. New oil and gas fields will no longer be insured as of July 1, 2023.  New oil power plants and new infrastructure directly associated with new oil fields will also be excluded. …

AXA AGM: A missed opportunity for climate justice

Paris, 27 April 2023 – At its annual general meeting (AGM), AXA missed the opportunity to regain its climate leadership. Despite a call from a representative from an impacted community to warn of the impacts of oil and gas projects in Texas, the group reiterated its support for new gas projects in the name of …

Open letter: Lloyd’s of London’s policy on fossil fuels

Writing in the Times on 24 April, 2023 faith leaders called on the world’s largest insurance market to “show leadership” by ending insurance for all new fossil fuel projects. The text of the letter is below. Dear Bruce Carnegie-Brown and John Neal, As representatives of UK faith organisations, we are writing to you to ask …

Korean property and casualty insurers lack oil and gas insurance and investment policies

Eight out of nine companies score “0” on oil and gas insurance and investment policies. Need to establish a policy on overall fossil fuels to manage climate change risk. Even as fossil fuels were (and still are) being identified for exacerbating climate change, it was found that Korean domestic property and casualty insurers have no …

Coal is increasingly uninsurable in 2020, but industry fails to act on oil and gas

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 …

Insurers withdrawing cover from coal projects double in 2019

46% of reinsurance market and 37% of industry’s global assets covered by coal exit policies The number of insurers withdrawing cover for coal has more than doubled in 2019 as the industry’s retreat from the sector accelerates and spreads beyond Europe, the Insure Our Future campaign reveals today in its third annual scorecard on insurance, …

2019 Scorecard on Insurance, Coal and Climate Change

46% of reinsurance market and 37% of industry’s global assets covered by coal exit policies. The number of insurers withdrawing cover for coal has more than doubled in 2019 as the industry’s retreat from the sector accelerates and spreads beyond Europe, the Unfriend Coal campaign reveals today in its third annual scorecard on insurance, coal …

Insure Our Future recommendations to the insurance industry

Fifteen NGOs supporting the Insure Our Future campaign warn insurance CEOs of increasing public pressure on companies that do not end their support for coal, extending scrutiny to Asian and North American companies. Dear Madam/Sir, Since 2017, the organizations engaged in the Insure Our Future campaign have called on the insurance industry to stop underwriting …

Global insurance companies face pressure to refuse support for Adani Group’s Carmichael coal mine

Organizations with 76 million members warn project would have disastrous impact on climate change 73 organizations, representing a combined membership of more than 76 million people, are sending an open letter to 30 global insurance companies today, calling on them to publicly rule out any insurance services for Adani Group’s Carmichael coal mine and associated …

Unprecedented action from insurers puts coal industry under pressure

Insurance companies are taking unprecedented action against the coal industry, ending insurance for coal companies, mines and power plants and excluding coal from $6 trillion of investments, reveals the Insure Our Future campaign’s second annual scorecard on the industry. Momentum is growing as four of the world’s biggest insurers have announced new restrictions on coal …

2018 Scorecard on Insurance, Coal and Climate Change

Unprecedented insurance action puts coal under pressure Insurers are coming under growing political, regulatory and public pressure to support a rapid worldwide phase-out of coal. In the last year, insurance companies have taken unprecedented action against the coal industry, ending insurance for coal companies, mines and power plants and excluding coal from more than $6 …

Briefing: Reinsuring Climate Chaos

Reinsurers’ policy loopholes keep coal industry afloat A handful of reinsurers have the power to hasten the phase-out of coal and play an important role in the fight against climate change but weak industry policies are undermining action taken by direct insurers, reveals a briefing from the Insure Our Future campaign released today to coincide …

Reinsurers’ policy loopholes keep coal industry afloat

A handful of reinsurers have the power to hasten the phase-out of coal and play an important role in the fight against climate change but weak industry policies are undermining action taken by direct insurers, reveals a briefing from the Insure Our Future campaign released today to coincide with a major industry conference. A growing …

Heads in the sand? The insurance industry, tar sands and pipelines

Many of the world’s biggest insurers, including AIG, Munich Re and Zurich, are undermining global climate goals and Indigenous rights by supporting the tar sands industry, reveals a briefing paper by Insure Our Future Heads in the sand? The insurance industry, tar sands and pipelines. NGOs supporting the campaign have also written a letter to …

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