Request Letter to Engage with MS&AD to Stop Underwriting Fossil Fuel Projects

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 …

Net Zero Insurance Alliance fails to set sufficient climate targets for its members

1​7​ 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 …

Fossil fuel insurers top Christmas 2022’s naughty list

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 …

How insurers can scale up the renewable energy revolution

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 …

South Korea’s only reinsurer, Korean Re, announces to drop new coal, but with loopholes

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 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 …

The Adani mine – a test case for AIG and Lloyd’s

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 and AIG’s Moment of Truth in the Adani Project

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 …

Protesters target insurance giant AIG over Adani coal mine

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 …

Liberty Mutual: don’t insure Adani

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 …

World’s largest brokers refuse to rule out support for giant Adani coal mine

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, …

Will insurance brokers Insure Our Future?

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, …

World’s biggest insurers will not cover Adani Group’s Carmichael coal mine

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 …

Global insurance companies face pressure to refuse support for Adani Group’s Carmichael coal mine

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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