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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 …
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 …
In a welcome move, Axis Capital and Canopius withdrew their bids for insuring the railway line of the Adani Group’s proposed Carmichael coal mine last week. This brings the number of insurers and financial institutions which have ruled out supporting the Adani project in some way to 16 and 59, respectively. The latest development is …
The All Blacks are the world’s most successful rugby team and a symbol of New Zealand’s national pride. They are also the favorite with the bookies to win this year’s Rugby World Cup, which starts in Japan later this week. The All Blacks invited controversy in 2012 when they allowed US insurance company AIG to …
Over 110,000 petition signatures handed over at the insurer’s Melbourne, Sydney, and Brisbane offices calling for the American company to rule out insuring the controversial mine. On Thursday, protesters descended on the Australian offices of insurance giant AIG, demanding that the company rule out backing Adani Group’s proposed Carmichael coal mine. The Adani mine has …
Pressure is building on Liberty Mutual to rule out the project. An Indian company is desperately clinging to its plans to build one of the world’s largest coal mines in Eastern Australia. In addition to being a massive source of carbon emissions, Adani Group’s Carmichael coal mine threatens the rights of the Indigenous Wangan and …
The world’s largest insurance brokers have refused to rule out support for the giant Carmichael coal mine in Australia, despite growing opposition to the project among insurers and financial institutions. 73 organisations with a combined membership of more than 76 million wrote to Marsh, Aon, Willis Towers Watson, the JLT Group and Arthur J. Gallagher, …
Matching developers with insurers, insurance brokers play a critical (if often neglected) role in making coal projects happen. New mining or infrastructure projects are typically insured by syndicates of 15 or more participants. Their developers invariably rely on brokers to manage their risks and arrange the proper insurance coverage. Only four corporations – Marsh, Aon, …
Campaigners call on laggards to back UN climate targets and refuse support for disastrous project Ten of the world’s foremost insurance companies will not provide support to develop the controversial Carmichael coal mine in Australia, following the lead set by many global financial institutions, the Insure Our Future campaign revealed today. Companies that have explicitly refused …
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 …
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