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VIG lacks ambition as it slows on progress: Insure Our Future statement on updated sustainability policy

Vienna, 15 May 2024 – In response to Vienna Insurance Group’s updated sustainability rules:

Analysis: Chubb’s new conservation and methane standards remain inadequate but should exclude support for EACOP

New criteria falls short of aligning with 1.5°C San Francisco – In a SEC filing of “Additional Proxy Soliciting Materials” Chubb quietly updated its oil, gas, and conservation policies. RAN’s analysis, released ahead of Chubb’s Annual General Meeting Thursday, May 16th, has concluded that while the updates are a small improvement, the loopholes and narrow …

AXA must end its support to LNG

2023 was the hottest year on record, as well as the year in which we saw insurance companies abandon their customers most affected by climate risks. Climate change, mainly caused by the burning of fossil fuels (coal, oil and gas), is accompanied by ever more intense and frequent climatic disasters: forest fires, floods, drought, hurricanes, …

Insuring Disaster 2024

ShareAction Report: Insurance’s triple whammy threatens the survival of people and planet

London, 15 April 2024 – A major investigation into the world’s 65 largest insurance companies from the responsible investment charity ShareAction, released 11 April 2024, shows that both people and planet face the triple whammy from insurance companies underwriting and investing in projects that are increasing global warming, damaging the natural environment and failing to …

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New Finance Watch report clarifies ingredients for impactful transition plans for insurers

Brussels, 12 April 2024 – A new report from Finance Watch outlines the steps that must be taken to ensure effective implementation of mandatory transition plans for insurance companies as tools to support transition and manage the related risks. It outlines the urgent need for supervised “prudential” transition plans, pointing to the financial instability that …

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Campaigners demand ‘polluters pay’ as insurance industry meet for inaugural sustainability summit

Today, as the insurance industry convenes for the first Global Sustainable Insurance Summit in Los Angeles, the 32 campaign groups of the Insure Our Future network have sent a letter to the world’s leading fossil fuel insurers, detailing how they can accelerate the transition to a clean and just energy economy. Demands in the letter …

Zurich Insurance Protest Global Week of Action 2024

Insure Our Future Responds to Zurich’s New Oil and Gas Exit Policy

Zurich, 8 April 2024 – In a Bloomberg story today, the Zurich Insurance Group today announced major new fossil fuel restrictions, excluding the underwriting of new oil and gas extraction and metallurgical coal projects. The Insure Our Future campaign and its Swiss member Campax welcomed the news and called on AIG, Tokio Marine and the big Lloyd’s …

Tokio Marine’s strengthened climate policy does not go far enough

Tokio Marine, Japan’s biggest property and casualty insurer and the 15th largest fossil fuel underwriter in the world, announced on 13th March that its largest subsidiary, Tokio Marine & Nichido Fire Insurance Co. Ltd. (TMNF), is strengthening its engagement policy with 60 companies in high Greenhouse Gas (GHG) intensive sectors, and commits to stop insuring, …

Thousands take part in powerful global week of action demanding Insurance industry take climate action

This week has been an incredible global week of action for the Insure Our Future campaign, with thousands of people taking part in over 100 actions across 31 countries in 5 continents, including over 100,000 people taking action online. In-person actions include protests in Japan, South Korea, Nigeria, Uganda, Indonesia, UK, USA, Philippines, Pakistan, Tanzania, …

Insure Our Future XR London Action

Probitas pulls out of EACOP and West Cumbria coal mine

London, 4 March 2024 – (guest content published by Extinction Rebellion) Major insurer Probitas1492 have today (Monday) confirmed that they will never insure two major ‘carbon bomb’ projects – the East African Crude Oil Pipeline and the proposed West Cumbria coal mine – after a week of peaceful protest from Extinction Rebellion (XR) and members …

Zurich or Dubai?

Statement by Peter Bosshard at the Global Week of Action, Zurich, February 28, 2024 The fossil fuel industry is destroying our planet. After us the deluge, is their motto! The expansion of fossil fuel extraction would not be possible without insurance. And whenever we find information about who is insuring coal and oil projects, Zurich is …

Why people in nearly 30 countries are protesting at insurance companies

In the last week of February, people in over 30 countries across the world organized demonstrations, marches, and community events at some of the largest global insurance companies – including AIG, Tokio Marine, Zurich, Chubb, Lloyd’s of London, Travelers, Sompo, and The Hartford. These events brought a clear message: Insure our future, not fossil fuels. …

Global Week of Action calls on insurance companies to take urgent climate action

The insurance industry holds the key to a safer, prosperous future if they act now. Over 100 groups in over 27 countries across 5 continents are holding over 80 demonstrations, marches, direct actions and events this week with a clear message: Insure Our Future, not fossil fuels. The insurance industry is uniquely positioned to drive …

Insurance companies can’t hide anymore: communities from across the globe demand action

The Insure Our Future network and communities from across the world are coming together for the first ever Global Week of Action to spotlight and target the insurance industry for their role in the climate crisis and demand action. Groups in over 27 countries across 5 continents are holding a week’s worth of demonstrations, marches, …

Risk Exposure: The insurers secretly backing the methane gas boom in the U.S. Gulf South

Report with FOIA information reveals which insurers are part of the biggest fossil fuel buildout of this generation Houston, Texas –  At least 35 different insurance companies are responsible for underwriting liquified methane export terminal projects across the U.S Gulf South, according to a report released today by Rainforest Action Network and Public Citizen. The …

A shot of natural gas storage tanks in sphere shape in Okayama, Japan

REPORT: Risk Exposure: The insurers secretly backing the methane gas boom in the U.S. Gulf South

At least 35 different insurance companies are responsible for underwriting liquified methane export terminal projects across the U.S Gulf South, according to a report by Rainforest Action Network and Public Citizen. The analysis, based on documents obtained through open record requests, details the insurance coverage for existing and projected methane gas infrastructure that, if built, …

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Victory as Leading Global Insurers at Lloyd’s of London Rule Out Controversial East African Crude Oil Pipeline

London, 30 January 2024 – (via StopEACOP) In a significant win for the natural world and the global movement fighting fossil fuel pollution, leading (re)insurance companies SiriusPoint, Riverstone International, Enstar Group, and specialty insurers Blenheim and SA Meacock, have all officially ruled out involvement in the controversial East African Crude Oil Pipeline (EACOP) project. A …

Korean edition: 50 Years of Climate Failure: 2023 Scorecard on Insurance, Fossil Fuels and the Climate Emergency

Fifty years after the industry first warned about the growing risks of climate change it continues to provide insurance that allows new fossil fuel projects to go ahead. Insurers are abandoning customers affected by climate risks, yet most continue to fuel the climate emergency by providing cover for increased oil and gas production. Download the …

Zurich in the morning by elxeneize

Global association of Insurance CEOs confronted by climate protest at 50th summit – Will they ‘Safeguard the Planet’ or Greenwash business as usual?

Zurich, 28 November 2023 – Insure Our Future campaigners are protesting at the Geneva Association’s 50th anniversary summit in Zurich today, demanding that the global insurance industry take immediate action to slow the climate crisis and support the urgent transition from fossil fuels to renewables.  The Geneva Association calls itself the only international association of …

A shot of natural gas storage tanks in sphere shape in Okayama, Japan

MS&AD Announce Significant Emission Reduction Target

Tokyo, 22 November 2023 – On November 21, MS&AD Insurance Group Holdings (hereafter MS&AD), one of Japan’s three major property and casualty insurers, announced a greenhouse gas (GHG) emission reduction target of 37%  for the underwriting and investment portfolio of its domestic clients by 2030, using 2019 as a baseline year* (PR in Japanese). This …

Who pays for a hurricane?

As climate change spirals out of control, natural disasters are becoming more frequent and expensive. Munich Re, the world’s biggest reinsurance company, reports that natural disasters caused losses of $280 billion in 2021, up from $166 billion in 2019 and $210 billion in 2020. The insurance industry was created to manage risk, but under pressure …

Tokio Marine’s latest climate policy falls short of global peers

On 30 September 2022, Tokio Marine, Japan’s biggest international insurer, updated its climate policy to rule out new underwriting and investment in tar sands mining and oil and gas explorations in the Arctic areas. While Insure our Future welcomes the company’s commitment to stop supporting some extreme fossil fuels projects, considering its presence in the …

Baden-Baden 2022: Time for reinsurers to stop fueling climate catastrophes and start accelerating the clean energy transition

From 23-26 October, underwriters and brokers from the global reinsurance industry will meet at the annual Baden-Baden reinsurance meeting in Germany to negotiate new reinsurance contracts. Given the foundational and decisive role of the reinsurance industry in enabling fossil fuel extraction, the Baden-Baden meeting deserves critical attention. Looking at the dynamics of the 2022 Baden-Baden …

People from across the globe are coming together to demand #MarshDropEACOP

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 …

Lloyd’s new ESG report: greenwashing, not climate action

Lloyd’s of London published its 2021 Environmental, Social and Governance (ESG) Report two days ahead of its Annual General Meeting on May 19. Lloyd’s second ESG report is a document almost completely lacking in substance which does more to obscure the climate destroying actions of its members than to shed light on how it intends …

SCOR, an insurer committed to the climate?

Originally published in Environmental-Finance on May 17, 2022. Laurent Rousseau, who was appointed Chief Executive Officer of SCOR almost a year ago, will meet his shareholders for the first time on 18 May. At a time when many insurers, as society’s risk managers, are not fulfilling their responsibility to actively support global action to avoid …

Munich Re is enabling climate destruction

Munich Re, the world’s largest reinsurer, is being called on by campaigners from Insure Our Future for its failure to rule out oil and gas insurance, despite its competitors adopting exit policies in recent weeks. Munich Re has demonstrated a willingness to act on climate, but its steps are far too small for the urgency …

People’s AGM

Every year – usually in the Spring – financial institutions, like banks, insurance companies, and investors, gather for Annual General Meetings (AGMs) with interested shareholders to discuss company performance, returns on investment, and future strategy. But we know what their future strategy should be: immediately stop insuring and investing in new fossil fuels – and …

Hannover Re adopts oil and gas exit policy

Insure Our Future welcomes Hannover Re’s updated oil and gas re/insurance policy and its exclusions on new oil and gas development transport and storage. This policy goes a long way towards implementing the findings of the IEA and it indicates to other insurers and financial institutions the big urgent steps required. The need to also …

AXA’s new oil and gas policy testing insurers’ self-regulation on climate risks

AXA committed to developing an energy policy this year, and now it needs to decide whether to rule out all cover for new oil and gas projects. The French insurer’s upcoming policy is a test on whether we can trust the voluntary efforts of corporate social responsibility to address climate risks or whether we need …

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