For a few dollars more -Report by Reclaim Finance

For a few dollars more – the Fossil Fuel Policies of Lloyd’s Managing Agents 2

London, 9 October 2024 – Lloyd’s of London, the world’s leading insurance market, is holding back climate action through its on-going support for fossil fuel expansion, according to new analysis from Reclaim Finance (1). While other major European insurers’ no longer cover new fossil fuel projects, Lloyd’s of London continues to provide cover, with no …

Zurich lake

Too little, too late: Zurich publishes unambitious transition plan

Zurich, 20 September 2024 – Zurich Insurance published its first transition plan yesterday. Campax and Insure Our Future welcome the move, but are disappointed with the unambitious emission reduction targets.  Zurich Insurance, ranked 4th globally in primary insurance and 6th in insuring fossil fuels, was previously a member of the Net Zero Insurance Alliance (NZIA). …

Property & Casualty Companies Facing Rising Claims While Fostering Fossil Fuels

Today, the shareholder advocacy organization Investors for Paris Compliance (I4PC) released a report outlining the role of Canada’s property and casualty insurance industry in encouraging fossil fuels while facing rising climate claims and passing along these costs to policyholders. The report Playing With Fire: Canadian Insurers and Fossil Fuels shows how the industry redistributes climate-related risks and …

Report: Playing With Fire: Canadian Insurers & Fossil Fuels

There is a contradiction within Canada’s property and casualty (P&C) industry. By its own admission, climate change is threatening the industry’s business model with increased risk and rising claims, yet it is complicit in increasing this risk via its underwriting and investing in the fossil fuel industry.

How The Insurance Industry Impacts Climate Chaos In Bangladesh

The dangerous impacts of climate change – the flooding, droughts, extreme heat, tropical cyclones,  severe storms, erosion, water contamination and groundwater depletion  – are well known and witnessed daily in Bangladesh, my home, but one thing that’s less obvious is the role of the insurance industry in the crisis. Burning fossil fuels is the number …

Letter — SOMPO: Stop Underwriting Rio Grande LNG

Ahead of SOMPO’s AGM, a letter signed by 28 Environmental NGOs, including Rainforest Action Network and the Japan Center for a Sustainable Environment and Society, was delivered urging the company to cease underwriting and investing in a contentious LNG export terminal planned in Brownsville, Texas, United States, as well as in all oil, gas, and …

SOMPO: Stop Underwriting Rio Grande LNG

Japanese insurance major’s support for the controversial gas project draws protests at annual general meeting. TOKYO, JAPAN – JUNE 24, 2024 – Today, environmental NGOs including Rainforest Action Network and the Japan Center for a Sustainable Environment and Society gathered in front of SOMPO’s Annual General Meeting (AGM) to demand the Japanese insurance giant stop …

A Just Transition To Clean Energy Can Benefit Insurers and Communities

Insurers are facing the consequences of their decisions over the last half-century. Over the past month, the unfolding insurance crisis has captured headlines. The New York Times detailed how extreme weather events are stretching the insurance sector to its limits, testing the boundaries of what can and cannot be insured. Concurrently, The Guardian highlighted IPCC …

Aerial view of Vienna - Vienna, Austria

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 for 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 …

Activists demand Tokio Marine rule out EACOP at annual shareholder meeting

On 26 June 2023, citizens and environmental NGOs gathered in front of the AGM venue of Tokio Marine Holdings; Japan’s biggest and one of the world’s top 10 oil and gas insurers.  #StopEACOP activists question Tokio Marine’s ethics  Risa Iizuka, a youth activist and Field Organizer at 350.org Japan, condemned the 1,400km-long  East African Crude …

Mother's Rise Up Mary Poppins themed protest

Why mothers are taking on the insurance industry

The insurance sector is the Achilles’ heel of the fossil fuel industry  Without insurance, fossil fuel companies cannot operate and fossil fuel projects cannot be built or maintained.   This is why we, at Mothers Rise Up, a UK climate-parent group, focus our creative energy on the insurance sector, particularly on the world’s oldest, biggest and …

A hurricane due to climate change

In response to climate deniers, insurers must step up climate action

Written in collaboration with Reclaim Finance. Numerous insurers have quit the Net Zero Insurance Alliance (NZIA) under pressure from climate denying politicians and officials in the United States. The insurance industry has for decades been aware of the causes and serious consequences of climate change and its business model is being shaken by repeated multi-billion …

Insure Our Future’s response to the Net Zero Insurance Alliance exodus

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 …

Insurers’ shift away from fossil fuels continues in spite of political obstruction

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 …

Large silver skyscraper building that is the Lloyds of London office with a clear blue sky behind.

British and African Quakers urge against insurance for East African pipeline

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 …

Insurers and Adani: The End of the Affair

Originally published in ESG Investor on February 9, 2023 Since activist short-seller Hindenburg Research accused the Adani Group of “pulling the largest con in corporate history” on 25 January, the value of the world’s biggest private developer of new coal has been in free fall. The exposure of Adani’s fraud sheds an embarrassing light on organisations – …

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 …

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 …

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 …

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