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Munich Re commits to not insure EACOP

April 6, 2022|Press Release
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 Pipeline project in our direct, facultative and primary business and already informed our underwriting community correspondingly about a year ago.”
 
Munich is the sixth leading global insurer to publicly refuse support for EACOP, responding to public calls from the #StopEACOP Campaign, a global alliance of environmental and human rights organizations advocating against the project.
 

Regine Richter

Energy and Finance Campaigner at Urgewald

"We welcome Munich Re’s statement that it will not insure the East Africa Crude Oil Pipeline. Now, they need to take the next step and do what is really required for humanity and the planet: commit to a world-leading policy which excludes all new oil and gas projects in line with a 1.5C limit, now.”

 
Now, Insure Our Future and #StopEACOP are calling on the other members of the Net Zero Insurance Alliance, particularly Lloyd’s of London and Allianz, to choose climate leadership over corporate greed and rule out EACOP before their Annual General Meetings.
 

Omar Elmawi

Coordinator of the #StopEACOP campaign

"Every insurer should be running from the climate-wrecking and contested East African Crude Oil Pipeline. In particular, Allianz and Lloyd's of London, both members of the Net Zero Insurance Alliance, must follow Munich Re and commit to never insure EACOP."

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