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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:

Lindsay Keenan

European Coordinator for Insure Our Future

"The updated sustainability policy released today by Vienna Insurance Group (VIG), which is the leading insurance group in the Central and Eastern European (CEE)

Region, falls far short of what is needed and we are disappointed that VIG has not acted in accordance with the overwhelming climate science. VIG needs to urgently catch up with their European peers, such as Uniqa, Generali and Allianz, and immediately stop insuring any new oil and gas projects. They also need to rapidly phase-down cover for existing oil and gas business. The lack of ambition demonstrated by VIG is an embarrassment for Austrian climate policy and seems to willfully ignore the grave risks that the climate crisis presents. 

In previous years VIG made progress with phasing out insurance and investments for coal, however it continues to be a major insurer of the Eastern European coal industry and needs to set a clear exit date for its coal insurance business.

We hope that VIG will urgently reassess their position and take the bold and ambitious steps necessary to tackle the climate crisis, because later is too late."

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