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 …

2022 Scorecard on Insurance, Fossil Fuels, and the Climate Emergency

Insure Our Future’s annual scorecard ranks the top 30 global fossil fuel insurers on the quality of their fossil fuel exclusion policies. This year Allianz, AXA and Axis Capital rank best for their coal exit policies, while Aviva, Hannover Re and Munich Re come out on top for their oil and gas exclusions. At the bottom of fossil fuel rankings are a group of insurers …

Exposed: Insurers of Ichthys LNG – one of world’s biggest gas projects

Will major insurers rule out support for Ichthys LNG’s expansion? One month before COP27, Reclaim Finance calls on global insurers not to renew insurance coverage to Ichthys LNG, one of the most carbon-intensive liquefied natural gas (LNG) projects in Australia whose promoters TotalEnergies and Inpex (1) are currently planning its climate-wrecking expansion. Based on rare …

Investing in climate chaos

American International Group (AIG), Berkshire Hathaway, Travelers, and Chubb are among the ten insurers that collectively invested over $59.7 billion in fossil fuels in 2019, finds an analysis released today by Insure Our Future, Public Citizen, and Rainforest Action Network. The report analyses 2019 data released in April 2022 by the California Department of Insurance to …

Going Beyond Insurers’ Voluntary Initiatives

Risk management is at the heart of insurers’ business. Yet we find that insurers are still not adequately considering – and are in fact actively compounding – the greatest risk humanity faces today: climate change and its irreversible consequences. This briefing compares insurers’ words with their actions. It shows that even members of voluntary initiatives, …

MAPFRE’s climate commitments: progress and weaknesses

In March 2022, Mapfre, one of Europe’s largest insurers and the largest non-life insurer in Latin America, published its renewed environmental commitments during its Annual General Meeting. The International Institute for Law and Environment (IIDMA), which analysed in 2021 the Group’s activities as part of a broader study on the insurance sector’s relationship with climate change, has reviewed …

Exposed: The Coal Insurers of Last Resort

Insurance contracts obtained by the Insure Our Future campaign show how utilities are struggling to find companies to underwrite new coal power projects, reveals a report Exposed: The Coal Insurers of Last Resort. Details of which companies insure which projects are rarely disclosed, so the contracts for KEPCO, Korea’s national power utility, give a unique snapshot …

Insurance and Energy at a Crossroads

Feeding the fossil monster or clean energy? In this report by Insure Our Future member Re-set – a Czech organization that uses research, education and public engagement to support efforts for a more sustainable and just society – the policies of six major insurers in the Czech Republic [ČSOB pojišťovna, Generali Česká pojišťovna, Allianz, Kooperativa, …

The Arctic Refuge Scorecard

The Gwich’in Steering Committee (GSC) released an update to its scorecard that tracks global insurance companies’ policy on fossil fuel development in the Coastal Plain of the Arctic National Wildlife Refuge. Since the initial release of the scorecard in August 2021, six additional “gold medal” companies have been added for a total of 12 international insurers with …

Korean insurers have exited new coal while other financial institutions fail to meet global standards

Korean insurers have stopped providing coverage for the construction and operation of new coal-fired power plants finds new report A majority of financial institutions in South Korea failed to meet global standards of divestment from coal, Solutions for Our Climate said in its Wave of Coal Exit Pledges in 2021, Still Lacking Effective Policies issue …

Fuelling Climate Change: The Insurers Behind Brazil’s Offshore Oil Expansion

Global insurance companies Chubb, MAPFRE, and Tokio Marine insure the majority of Brazil’s offshore oil and gas drilling, according to a report entitled Fueling Climate Change: The Insurers Behind Brazil’s Offshore Oil Expansion released by Insure Our Future. Based on previously undisclosed documents, the report finds that these three companies insure Brazil’s national oil company …

Insuring against climate catastrophe

New report argues UK insurance sector currently facilitates the climate crisis but with bold reform it can play a key role in delivering a safe climate pathway By supporting the continuation of extraction and emissions, the insurance industry plays a central role in facilitating economic activity that fuels climate and environmental breakdown. The UK plays …

2021 Scorecard on Insurance, Fossil Fuels & Climate Change

Insuring Our Future: The 2021 Scorecard on Insurance, Fossil Fuels and Climate Change, focuses on 30 of the world’s top insurers. It is published by 26 organizations from 14 countries and will be launched today at the COP26 UN Climate Summit in Glasgow. Insure Our Future’s fifth annual report on the insurance industry’s response to …

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