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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 …
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 …
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 …
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 …
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, …
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 …
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. …
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 …
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 …
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 …
Mothers Rise Up calls on insurer to change its tune on fossil fuel insurance UK mums staged a concert outside Lloyd’s of London in a Mother’s Day plea to the company to stop insuring new fossil fuel projects in the North Sea and beyond. The event, organised by climate-parent group, Mothers Rise Up, featured a …
Today, 23rd February activists from the StopEACOP Coalition held an ‘oil spill’ demonstration outside the offices of two insurance companies, Talbot & Cincinnati Global Underwriting to demand the companies rule out the controversial East Africa Crude Oil Pipeline (EACOP). Activists staged a moveable ‘oil spill,’ with hazard signs that highlighted the risks of the controversial …
Following the complaint lodged by Ugandan, Tanzanian and U.S. based human rights groups alleging that Marsh is violating OECD guidelines for Multinational Enterprises by serving as insurance broker for the planned East African Crude Oil Pipeline (EACOP), the Insure Our Future campaign is calling on the world’s largest insurance brokers to take notice of the …
17 January 2023 – The Net-Zero Insurance Alliance (NZIA) Target-Setting Protocol, launched today at the World Economic Forum, lacks ambition and opens the door to corporate greenwashing according to the Insure Our Future campaign. The protocol is supposed to set targets for the underwriting portfolios of the 29 insurance and reinsurance NZIA members to align …
Korean Reinsurance begins its move away from coal but too slowly, according to civil society December 6, 2022 – Asia’s second-largest reinsurance company, Korean Re, will no longer be providing reinsurance for new coal mining or power plant construction from next month. Reinsurance functions as insurance for insurance companies. If reinsurers restrict insurance coverage of …
Arch Capital Group Ltd and AEGIS London join the 19 (re)insurance companies ruling out the controversial East Africa Crude Oil Pipeline (EACOP) project. Arch Capital Group Ltd responded to ongoing pressure on their insurance business by ruling out insurance for the East Africa Crude Oil Pipeline (EACOP). A statement issued by the company follows sustained …
In making Scope 3 emissions reporting optional, the PCAF-NZIA protocol violates Race to Zero and UNHLEG recommendations London – Today the Platform for Carbon Accounting Financials (PCAF) and the Net-Zero Insurance Alliance (NZIA) published their long-awaited Greenhouse Gas Accounting and Reporting Standard for the insurance industry. Under the minimum criteria of the UN Race to …
An industry willing to sacrifice a livable planet • 96% of upstream oil and gas companies are still expanding their operations. • GOGEL is the first tool that makes it possible to systematically assess whether companies are in line with the IEA’s Net Zero Emissions scenario. • LNG terminals under development would more than double …
Monday 24 Oct 2022 – As the global reinsurance sector meets to discuss annual re/insurance contract renewals in Baden-Baden, the Insure Our Future campaign calls on the assembled reinsurers to stop fueling climate catastrophe by underwriting coal, oil and gas production and instead support a rapid transition to renewable energy. Munich Re reported that climate …
62% of reinsurers now have coal exit policies and 38% have oil and gas exclusions as shift away from fossil fuels accelerates Insurance company restrictions on oil and gas are finally starting to catch up with those on coal, according to new data from the Insure Our Future campaign. Ahead of COP27, the campaign coalition …
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