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 …

Ten largest Lloyd’s insurers rule out underwriting Adani’s coal as Tokio Marine Kiln commits to not participate in ‘any future underwriting’

Confronted with the heat of targeted advocacy by climate justice campaigners as well as Indigenous Peoples’ rights movements, Tokio Marine Kiln (TMK, identified with Lloyd’s Syndicates 510, 557 and 1880) has publicly committed to not participate in ‘any future underwriting’ of Adani’s controversial Carmichael coal mine in Australia. Earlier this month, when Lloyd’s syndicate MS …

30+ groups call on Tokio Marine to drop fossil fuels

As the Olympics Torch Relay kicks off in Japan, actions in Tokyo, Seoul, Delhi, Jakarta, New York, San Francisco, Sydney and Melbourne demand Tokio Marine take climate action Starting March 25, actions around the world mark the global launch of a campaign calling on insurance giant Tokio Marine to stop underwriting and investing in fossil …

2020 Scorecard on Insurance, Fossil Fuels and Climate Change

The 2020 Scorecard finds that Insurers’ continued retreat from coal is making it harder and more expensive to secure insurance for coal projects. Although momentum is growing, it falls short of what is needed to drive action to meet international climate targets. Major companies in the U.S., the Lloyd’s market and East Asia are still …

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 …

Japanese insurer, Tokio Marine, fails to show leadership on coal in weak climate strategy

Today, Japan’s Tokio Marine, one of the world’s top-10 coal insurers, published a position on coal as part of a climate strategy. Tokio Marine’s position follows on the heels of a statement Tokyo-based insurance company, Sompo, announced last week on limiting the underwriting of construction of new domestic coal power projects. The Japanese insurer’s new …

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 …

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