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 …

Marsh and the Banshkhali coal power station in Bangladesh: What you should know

For a new coal plant or oil pipeline to happen, fossil fuel developers need to be matched with insurers who can provide the coverage needed to build and operate these projects — that’s where insurance brokers like Marsh come in. Brokers play a critical (if often neglected) role in making coal, oil, and gas projects …

70 Groups Call on Chubb CEO Evan Greenberg to live up to his climate rhetoric

70 groups delivered a letter today calling on Chubb CEO Evan Greenberg to strengthen Chubb’s weak coal policy and stop insuring new oil and gas. Citizens’ groups wearing Evan Greenberg masks delivered the letter to Chubb headquarters in New York, Zurich, and San Francisco in advance of Chubb’s May 20th shareholder meeting. Chubb was an …

No justification for new oil and gas projects, new IEA report finds

In a welcome reversal of long-held positions, the International Energy Agency (IEA) concluded that “there is no need for investment in new fossil fuel supply” in a Net-Zero pathway to 2050. This conclusion confirms that governments, investors, banks and insurance companies no longer have any justification for supporting new oil, gas or coal projects. Founded …

German insurers are risking their climate credibility

By continuing to do coal business on the side and insuring new oil and gas projects, German insurers are putting their climate credibility at risk. Last year saw more hurricanes than ever before, unprecedented wildfires from Australia and California to Siberia, and flood disasters from China to the Sahel region. During the recent Earth Day, …

Adani’s coal project exposes yet another risk to insurers: flooding

Adani and its rail line contractors, BMD and Martinus, have failed to prepare for the wet season. Pictures have emerged of substantial flooding on a section of the under-construction rail line to service the proposed Adani Carmichael coal mine in Australia. Lawyers from Environmental Justice Australia (EJA), acting for Mackay Conservation Group (MCG), have written …

Coal exit policies add billions of dollars to insurers’ shareholder value, analyst report suggests

Climate campaigners have pushed insurance companies to exit the coal sector for many years. They have now received support from an unexpected source: financial analysts. “We think the insurance sector’s most important contribution to ESG is exiting coal underwriting”, a recent report issued by the French bank Societe Generale states. “Stopping underwriting coal is particularly …

Can the Premier League’s greenest club find a sponsor which shares its green credentials?

On January 25, 2021, BBC Sport and the Sport Positive Summit named Tottenham Hotspur the Premier League’s greenest club. Congratulations! Can Spurs, which also just signed up to the UN Sports for Climate Action Framework, drop AIA and find a shirt sponsor which shares their commitment to a healthy planet? Ahead of Arsenal, Brighton and …

Who is insuring exploratory oil drilling in the Bahamas, and why?

Update (22-01-2021): “Having previously said they had no record of insuring BPC’s ill-conceived offshore oil drilling project, Lloyd’s has now admitted they are providing insurance. We can understand why Lloyd’s would have been embarrassed to admit they’re insuring this project. New oil and gas projects are completely incompatible with limiting global warming to 1.5C. Lloyd’s …

Aon blows its cover on fossil fuels

Aon, the world’s second-biggest insurance broker, argued in a recent report that “a rapid shift away from fossil fuels in favor of renewable energy sources” is needed. “If society does fail to take action,” the broker warned, “the final outcome may be catastrophic.” Writing this piece from California, Aon’s warning certainly sounds prescient. Yet, while …

Insurance ERM’s ‘Most Influential on Climate Action’

Earlier this year, risk experts at the World Economic Forum identified the failure to address climate change as the most impactful – and sadly, the second-most likely – risk we face. It’s a risk the insurance industry must play its part in tackling. The sector itself may not emit a significant quantity of greenhouse gases. …

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