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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 …
Talanx, Germany’s third largest insurer, is the latest (re)insurance company to confirm to the #StopEACOP Coalition that they will not (re)insure the East African Crude Oil Pipeline (EACOP). They join 11 other (re)insurers, including 4 of the world’s biggest (re)insurance companies – Munich Re, Swiss Re, Hannover Re, and SCOR. Talanx follows fast in the …
Insurance providers Argo Group and Axis Capital, both Lloyd’s of London members, and RSA Insurance Group Limited, a leading UK insurer, have informed the #StopEACOP coalition that they will not be involved in underwriting the East African Crude Oil Pipeline (EACOP) project. The decision by the three firms brings the total number of (re)insurers who …
In May 2022, an investigative news article revealed that Marsh, the world’s biggest insurance broker, is approaching insurers and trying to convince them to provide insurance coverage to build the controversial East African Crude Oil Pipeline (EACOP). EACOP would be the world’s longest heated oil pipeline, which Total Energies and China National Offshore Oil Corporation …
Allianz, one of the world’s largest oil and gas insurers, is the seventh insurer to commit not to insure the East African Crude Oil Pipeline (EACOP), following recent statements from Munich Re, Hannover Re and SCOR. In an email to campaigners from, #StopEACOP, Inclusive Development International and Insure Our Future, Allianz stated: “Allianz is not …
Today, Munich Re, the world’s largest reinsurer, has rejected the East African Crude Oil Pipeline (EACOP), joining Hannover Re, SCOR, Swiss Re, Axa, and Zurich in publicly committing that they will not underwrite the pipeline. In a statement on their website, Munich Re wrote that: “… we have not insured the East African Crude Oil …
Nearly 100 civil society organizations working to advance human rights and environmental justice sent a letter to the Chairman and CEO of Lloyd’s of London asking that they tell their members not to provide (re)insurance coverage for the East African Crude Oil Pipeline (EACOP) project. Citing a range of severe risks and controversies surrounding the …
Munich Re and Lloyd’s of London need to follow their European counterparts and reject the East African Crude Oil Pipeline (EACOP). Hannover Re is the latest insurer to reject EACOP, joining Swiss Re, Axa, Zurich and SCOR in publicly committing that they will not underwrite the pipeline. Last week, after SCOR committed not to insure …
As major insurers say no to providing coverage for the highly controversial East African Oil Pipeline (EACOP), the pressure is mounting on Munich Re, Lloyd’s of London and others that have yet to comment on their potential involvement. French multinational (re)insurance company SCOR is the latest global insurer to commit not to provide coverage for …
Following the publication by Total of a tender for insurance / reinsurance brokerage services for the East African Crude Oil Pipeline (EACOP), an international coalition of organisations is calling upon leading re/insurance brokers to reject the tender and not to support the project due to its anticipated climate, nature and human impacts. EACOP threatens the …
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