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The Fairfax AGM was last week where our proposal asking the company to disclose its financed emissions was voted on. The company has now released the voting results, unfortunately not breaking out the numbers by shares controlled by the CEO vs. those voted by other shareholders, but we can calculate those numbers based on turnout. The result: a …

Zurich, 31 March 2025 – Why are all his peers remaining silent? Managing the risks of natural disasters, insurers are well aware of the fundamental risks which climate change poses to the global financial system and society. Munich Re first predicted growing climate risks in 1973, and the then CEO of AXA famously warned in …

Zurich, 27 March 2025 – New report from Campax reveals none of Switzerland’s eight largest property and liability insurers have climate policies that are compatible with the goals of the Paris Agreement. This in-depth look at the Swiss insurance landscape suggests smaller regional companies tend to perform less well than international heavyweights. Generali leads the …

Prague, 11 March 2025 – As the impacts of climate crisis intensify, the role of the insurance business in either mitigating or deepening the crisis cannot be ignored. A new report The Insurance Gap in the Age of Climate Crisis: Ranking the Major Insurers in Central and Eastern Europe by the Czech NGO Re-set focuses …

January 15, 2025 Joint statement:  SOMPO becomes Japan’s first non-life insurer to adopt a policy respecting indigenous peoples’ rights including FPIC. We urge Tokio Marine and MS&AD to follow SOMPO! Japan Center for a Sustainable Environment and Society (JACSES) Friends of the Earth Japan Mekong Watch Rainforest Action Network On January 10, SOMPO Holdings, Inc. …

Cut emissions today to insure tomorrow, warns report as 2024 marks the first year to cross red line of 1.5°C global heating  Insure Our Future’s eighth annual scorecard report Within Our Power reveals that climate change accounts for an estimated $600 billion, or over a third, of global insured weather losses over the last two …

Insure Our Future’s eighth annual scorecard report Within Our Power reveals that climate change accounts for an estimated $600 billion, or over a third, of global insured weather losses over the last two decades — an immense climate price tag that insurers have long been passing on to policyholders. With voluntary corporate actions falling far …

The insurance crisis: an illness caused by rising climate risks The insurance industry is facing a growing crisis that threatens our society and the global economy. We have temporarily breached 1.5℃ leaving individuals increasingly vulnerable. The numbers are stark: Carbon Brief compiled every published study on the influence of climate change on extreme weather and …

In response to the European Insurance and Occupational Pensions Authority (EIOPA) recommendation of a “dedicated prudential treatment for insurers’ fossil fuel assets to cushion against transition risks” Minyoung Shin, Global Coordinator for Insure Our Future, said: ###

Tokyo, October 28, 2024 – In the last week of August, five environmental NGOs (Japan Center for a Sustainable Environment and Society (JACSES), Friends of the Earth Japan, Mekong Watch, Rainforest Action Network, Insure Our Future) sent a request letter to 50 financial institutions that are major shareholders of SOMPO Holdings, requesting to engage with …

Trieste, 22 October 2024 – Today, Italian insurer Generali announced it will no longer provide insurance for risks associated with oil and gas expansion, including new liquified natural gas (LNG) terminals and gas-fired power plants (1). Generali is the first insurer globally to adopt a policy covering the entire oil and gas value chain for …

London, 9 October 2024 – Lloyd’s of London, the world’s leading insurance market, is holding back climate action through its on-going support for fossil fuel expansion, according to new analysis from Reclaim Finance (1). While other major European insurers’ no longer cover new fossil fuel projects, Lloyd’s of London continues to provide cover, with no …

Zurich, 20 September 2024 – Zurich Insurance published its first transition plan yesterday. Campax and Insure Our Future welcome the move, but are disappointed with the unambitious emission reduction targets.  Zurich Insurance, ranked 4th globally in primary insurance and 6th in insuring fossil fuels, was previously a member of the Net Zero Insurance Alliance (NZIA). …

Below, the letter “Request to engage with SOMPO to stop underwriting new fossil fuel projects” was submitted to SOMPO’s 50 large shareholders. August 28, 2024 Dear Shareholders of SOMPO Holdings, Request to engage with SOMPO to stop underwriting new fossil fuel projects Japan Center for a Sustainable Environment and Society (JACSES) Friends of the Earth …

Today, the shareholder advocacy organization Investors for Paris Compliance (I4PC) released a report outlining the role of Canada’s property and casualty insurance industry in encouraging fossil fuels while facing rising climate claims and passing along these costs to policyholders. The report Playing With Fire: Canadian Insurers and Fossil Fuels shows how the industry redistributes climate-related risks and …

There is a contradiction within Canada’s property and casualty (P&C) industry. By its own admission, climate change is threatening the industry’s business model with increased risk and rising claims, yet it is complicit in increasing this risk via its underwriting and investing in the fossil fuel industry.

The dangerous impacts of climate change – the flooding, droughts, extreme heat, tropical cyclones,  severe storms, erosion, water contamination and groundwater depletion  – are well known and witnessed daily in Bangladesh, my home, but one thing that’s less obvious is the role of the insurance industry in the crisis. Burning fossil fuels is the number …

Ahead of SOMPO’s AGM, a letter signed by 28 Environmental NGOs, including Rainforest Action Network and the Japan Center for a Sustainable Environment and Society, was delivered urging the company to cease underwriting and investing in a contentious LNG export terminal planned in Brownsville, Texas, United States, as well as in all oil, gas, and …

Japanese insurance major’s support for the controversial gas project draws protests at annual general meeting. TOKYO, JAPAN – JUNE 24, 2024 – Today, environmental NGOs including Rainforest Action Network and the Japan Center for a Sustainable Environment and Society gathered in front of SOMPO’s Annual General Meeting (AGM) to demand the Japanese insurance giant stop …

Insurers are facing the consequences of their decisions over the last half-century. Over the past month, the unfolding insurance crisis has captured headlines. The New York Times detailed how extreme weather events are stretching the insurance sector to its limits, testing the boundaries of what can and cannot be insured. Concurrently, The Guardian highlighted IPCC …

Vienna, 15 May 2024 – In response to Vienna Insurance Group’s updated sustainability rules:

New criteria falls short of aligning with 1.5°C San Francisco – In a SEC filing of “Additional Proxy Soliciting Materials” Chubb quietly updated its oil, gas, and conservation policies. RAN’s analysis, released ahead of Chubb’s Annual General Meeting Thursday, May 16th, has concluded that while the updates are a small improvement, the loopholes and narrow …

2023 was the hottest year on record, as well as the year in which we saw insurance companies abandon their customers most affected by climate risks. Climate change, mainly caused by the burning of fossil fuels (coal, oil and gas), is accompanied by ever more intense and frequent climatic disasters: forest fires, floods, drought, hurricanes, …

London, 15 April 2024 – A major investigation into the world’s 65 largest insurance companies from the responsible investment charity ShareAction, released 11 April 2024, shows that both people and planet face the triple whammy from insurance companies underwriting and investing in projects that are increasing global warming, damaging the natural environment and failing to …