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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 …
A new Finance Risk Update on the East African Crude Oil Pipeline (EACOP) project highlights the mounting opposition to the project in Uganda, Tanzania, and globally, citing significant financial, reputational, and legal risks. The update shows that even more banks and insurers are withdrawing their support for the project, bringing the total number of banks …
A new briefing focused on Lloyd’s of London and its managing agents finds Lloyd’s is failing the climate responsibility test by allowing unchecked fossil fuel expansion and by not ensuring that its managing agents meet even the minimum standards that Lloyd’s has previously recommended. An analysis by Reclaim Finance of Lloyd’s top 20 managing agents (who represent …
Disclaimer: Beazley indicated to Reclaim Finance a few hours before the release of the report to have decided to align with Lloyd’s policy and no longer underwrite new coal mines and plants as well as new tar sands, or arctic energy exploration projects, or companies which generated more than 5% revenues from these activities. This …
Following Munich Re, Zurich is the second founding member of the Net Zero Insurance Alliance to leave the NZIA in recent days. The Swiss insurer claims it wants “to focus our resources to support our customers with their transition”.
Following a week of protests, Cincinnati Global’s syndicate at Lloyd’s confirmed that it will not insure the East Africa Crude Oil Pipeline, which has been the subject of international protests. (Nick Chalk), Active Underwriter with Cincinnati at Lloyd’s confirmed verbally with a member of the Insure our Future campaign, “We 100% do not write this …
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 …
Mothers Rise Up calls on insurer to change its tune on fossil fuel insurance UK mums staged a concert outside Lloyd’s of London in a Mother’s Day plea to the company to stop insuring new fossil fuel projects in the North Sea and beyond. The event, organised by climate-parent group, Mothers Rise Up, featured a …
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 …
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 Insure Our Future campaign reveals today in its third annual scorecard on insurance, …
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 …
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 …
A global coalition of 32 environmental, Indigenous, and citizen groups is calling on the companies listed on the insurance certificate for the existing Trans Mountain Pipeline to drop their policies ahead of the August 31 renewal deadline. Citing massive political and environmental risks from one of the most contentious projects in Canada’s history — the …
Fifteen NGOs supporting the Insure Our Future campaign warn insurance CEOs of increasing public pressure on companies that do not end their support for coal, extending scrutiny to Asian and North American companies. Dear Madam/Sir, Since 2017, the organizations engaged in the Insure Our Future campaign have called on the insurance industry to stop underwriting …
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 …
Insurance companies are taking unprecedented action against the coal industry, ending insurance for coal companies, mines and power plants and excluding coal from $6 trillion of investments, reveals the Insure Our Future campaign’s second annual scorecard on the industry. Momentum is growing as four of the world’s biggest insurers have announced new restrictions on coal …
Unprecedented insurance action puts coal under pressure Insurers are coming under growing political, regulatory and public pressure to support a rapid worldwide phase-out of coal. In the last year, insurance companies have taken unprecedented action against the coal industry, ending insurance for coal companies, mines and power plants and excluding coal from more than $6 …
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