Arch Insurance & AEGIS London respond to pressure & rule out EACOP

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 …

Insured emissions protocol fails to meet UN’s net zero standard

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 …

2022 Global Oil & Gas Exit List (GOGEL)

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 …

Insurance CEOs have the power to stop fossil fuel expansion – they must not risk our planet for an extra squeeze of profit

As decision-makers converge in Egypt for the annual climate talks at COP, major new reports warn that we’re at risk of triggering irreversible tipping points in our Earth’s system without rapid and concerted action right now. This year has been a litany of climate disasters ravaging communities, while oil and gas companies are reaping tens …

Reinsurers gathered in Baden-Baden can make or break the climate transition

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 …

2022 Scorecard on Insurance, Fossil Fuels, and the Climate Emergency

Insure Our Future’s annual scorecard ranks the top 30 global fossil fuel insurers on the quality of their fossil fuel exclusion policies. This year Allianz, AXA and Axis Capital rank best for their coal exit policies, while Aviva, Hannover Re and Munich Re come out on top for their oil and gas exclusions. At the bottom of fossil fuel rankings are a group of insurers …

With new coal uninsurable, insurers start to move on oil and gas

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 …

Who pays for a hurricane?

As climate change spirals out of control, natural disasters are becoming more frequent and expensive. Munich Re, the world’s biggest reinsurance company, reports that natural disasters caused losses of $280 billion in 2021, up from $166 billion in 2019 and $210 billion in 2020. The insurance industry was created to manage risk, but under pressure …

Letter to European insurers about Solvency II sustainability approach

Insure Our Future sent an open letter to sustainability and public policy managers of European insurers about the campaign’s concerns regarding the approach taken by the Solvency II Rapporteur MEP Markus Ferber, who has attempted to have all sustainability criteria removed from Solvency II.

Tokio Marine’s latest climate policy falls short of global peers

On 30 September 2022, Tokio Marine, Japan’s biggest international insurer, updated its climate policy to rule out new underwriting and investment in tar sands mining and oil and gas explorations in the Arctic areas. While Insure our Future welcomes the company’s commitment to stop supporting some extreme fossil fuels projects, considering its presence in the …

Insuring against climate catastrophe

New report argues UK insurance sector currently facilitates the climate crisis but with bold reform it can play a key role in delivering a safe climate pathway By supporting the continuation of extraction and emissions, the insurance industry plays a central role in facilitating economic activity that fuels climate and environmental breakdown. The UK plays …

2021 Scorecard on Insurance, Fossil Fuels & Climate Change

Insuring Our Future: The 2021 Scorecard on Insurance, Fossil Fuels and Climate Change, focuses on 30 of the world’s top insurers. It is published by 26 organizations from 14 countries and will be launched today at the COP26 UN Climate Summit in Glasgow. Insure Our Future’s fifth annual report on the insurance industry’s response to …

Allianz, Generali and VIG prop up Czech coal companies, report finds

Insurance companies Allianz, Generali, and Vienna Insurance Group (VIG) continue to insure Czech coal companies despite pledged coal policies. Report by researchers from Re-Set, a Czech civil society organisation, finds that the insurers are underwriting climate-wrecking coal power plants and derailing decarbonisation both in Czech republic and the EU as a whole. The report, Betting …

Generali supports Europe’s most polluting companies despite its proclaimed coal policy

A few weeks before Generali’s shareholder meeting, scheduled for April 29, Re:Common and Greenpeace Italia release an Italian publication and English brief which shows that Generali is one of the key players in supporting the European coal sector, particularly in countries that still strongly depend on the most polluting of fossil fuels: Poland, the Czech …

Leading European insurers back LNG infrastructure

Urgewald released a report highlighting the European insurance industry’s role in supporting gas infrastructure. The paper, released as part of the Insure Our Future campaign, names Allianz, Talanx, AXA, Generali and Munich Re as key insurers to big fossil gas projects in recent years, such as the Świnoujście, Zeebrugge and Dunkirk liquefied natural gas (LNG) …

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 …

AIA Briefing Paper: Kick Out Coal

AIA, one of the world’s largest life insurers and shirt sponsor of Tottenham Hotspur, is undermining its pledge to support climate action and help customers lead healthy lives by investing billions of dollars in coal companies, reveals the report. More than 65 insurers worldwide have divested from coal, but AIA has placed no restrictions on …

What is Lloyd’s of London and how does it help fuel the climate crisis?

Lloyd’s of London provides insurance and reinsurance that supports, enables and provides cover for some of the world’s worst fossil fuel projects, including coal mines, tar sands pipelines and new oil & gas exploration, which are incompatible with keeping climate change under 1.5°C. Lloyd’s provides a significant portion of the global energy market insurance and …

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 …

Challenges for Coal Sector Reinsurance

Unfavourable trends in the global reinsurance market, risks related to climate change, and key reinsurance and insurance companies moving away from coal – these are the most important challenges for the power insurance market in 2019 according to experts from Willis Towers Watson. Apart from the unfavourable trends and the expected increase in costs of reinsurance and …

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