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Every year, the Insure Our Future network publishes an open letter to the CEOs of 30 major insurance companies whose fossil fuel policies are ranked annually by Insure Our Future, among which are: AIG, Allianz, AXA, Chubb, Generali, Liberty Mutual, Lloyd’s of London, Munich Re, SCOR, Sinosure, SOMPO, Tokio Marine and Zurich. The letter outlines …
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 …
In an open letter Paul Parker, recording clerk of Quakers in Britain, and Bainito Wamalwa, Africa section clerk of Friends World Committee for Consultation, asked for a meeting with the world’s leading insurance market to discuss its action on climate change. They urged Lloyd’s Chairman Bruce Carnegie-Brown and Chief Executive John Neal, whose members insure a large …
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 …
Originally published in ESG Investor on February 9, 2023 Since activist short-seller Hindenburg Research accused the Adani Group of “pulling the largest con in corporate history” on 25 January, the value of the world’s biggest private developer of new coal has been in free fall. The exposure of Adani’s fraud sheds an embarrassing light on organisations – …
The following letter was submitted by five environmental NGOs to 50 financial institutions that are major shareholders of MS&AD Insurance Group Holdings. The full version including tables and appendices are available below. January 18, 2023 Dear Shareholders of MS&AD Insurance Group Holdings, A Request to Engage with MS&AD to Stop Underwriting Fossil Fuel Projects Japan …
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 …
Leaders of some of the world’s biggest insurance companies including Lloyd’s of London, AIG, Swiss Re and Allianz, will find out if they have been naughty or nice when they receive a specially selected Christmas gift from the climate action group, Mothers Rise Up, today. The CEO’s of six insurance companies – Lloyd’s of London …
Global wind power capacity must grow eight- and solar capacity five-fold by 2030 so we can limit global warming to 1.5°C, the International Renewable Energy Agency has found. Scaling up the renewable energy sector is all the more urgent in order to replace Russian fossil fuels with wind and solar rather than new oil and …
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 …
Global insurance companies Chubb, MAPFRE, and Tokio Marine insure the majority of Brazil’s offshore oil and gas drilling, according to a report entitled Fueling Climate Change: The Insurers Behind Brazil’s Offshore Oil Expansion released by Insure Our Future. Based on previously undisclosed documents, the report finds that these three companies insure Brazil’s national oil company …
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 …
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 …
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 …
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 …
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) …
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, 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 …
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 …
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 …
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