On Sunday, October 17th, climate campaigners from a number of groups, including the Insure Our Future campaign, Parents for Future and Fridays for Future, gathered to call on attendees of the Baden-Baden Reinsurance Conference to rule out coal from all reinsurance, including treaty reinsurance, to stop insuring all new oil and gas projects and to […]
Written by Kuba Gogolewski, Senior Finance Campaigner with the Polish watchdog „Rozwój TAK – Odkrywki NIE” The world’s biggest reinsurance companies are slowly moving away from reinsuring coal projects and companies. In March 2021, Swiss Re, one of the world’s biggest reinsurance companies, made a commitment to gradually eliminate coal from its treaty reinsurance. Since […]
In its new World Energy Outlook (WEO), the International Energy Agency (IEA) confirmed the conclusion of its May 2021 Net Zero by 2050 report. The IEA found that in a Net-Zero Emissions scenario – the main normative scenario of the WEO – “no fossil fuel exploration is required and no new oil and natural gas […]
Today, members of the Insure Our Future network and other social movements sent an open letter to insurers of energy network operator Gasunie, the company planning to build a liquified natural gas (LNG) terminal in Brunsbüttel, Northern Germany. The letter was sent to Munich Re, AXA, HDI / Talanx, Zurich Insurance Group, AIG Europe, SCOR, […]
Fifteen insurers have ruled out Trans Mountain – coalition pledges to continue pressuring the remaining companies Today, Indigenous, environmental, and climate groups sent an open letter to twenty insurance companies that have failed to rule out insuring the Trans Mountain pipeline network, following the August 31 expiration date of one of Trans Mountain’s key insurance […]
As the climate crisis becomes ever more tangible, insurers are rapidly exiting coal. Australian coal companies have now developed a plan to self-insure the massive risks of their operations. The scheme smacks of desperation. More than 30 major insurance companies from around the world have adopted policies to no longer insure new coal projects and […]
Lloyd’s syndicate member Cincinnati Global is now 15th insurer to commit to not insure or reinsure the existing Trans Mountain pipeline or expansion project Lloyd’s of London syndicate Cincinnati Global Underwriting has ruled out insuring the existing Trans Mountain tar sands pipeline and the Trans Mountain Expansion Project. Cincinnati Global, a subsidiary of Cincinnati Financial, […]
Lloyd’s of London released its climate action roadmap. While it includes some welcome steps, Lloyd’s falls short of tackling its role in the climate crisis. Lindsay Keenan, European Coordinator for Insure Our Future, commented: “Acknowledging the scale of the climate crisis while continuing to profit from insuring coal, oil and gas projects is unethical, at […]
The Insure Our Future network cautiously welcomes the UNEP Net Zero Insurance Alliance’s (NZIA’s) ‘Statement of commitment by signatory companies’, but calls on the NZIA founding members – AXA (NZIA Chair), Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re and Zurich Insurance Group – to demonstrate this commitment by immediately excluding new oil and gas […]
Allianz Global Investors (AllianzGI) has released its first coal policy. While implementing a coal policy was an important first step for the asset manager, the policy does not meet the standards needed for effective coal exclusion. Regine Richter, Finance Campaigner with Urgewald, commented: “It is good that Allianz Global Investors finally released its first coal […]
With the publication of the new Generali Group Strategy on Climate Change, Assicurazioni Generali finally acknowledges the requests of ReCommon and Greenpeace Italy, adopting a decarbonisation plan. It was more than 3 years ago that the two associations started to push Generali to stop its financial support of coal. “Generali is finally taking a decisive […]
Ahead of its annual general meeting held this morning, Scor, 4th biggest reinsurer worldwide, has announced that it will finally apply a policy to its reinsurance treaties, representing 75% of its subscription activities, and committed to phase out coal for all its activities within a Paris-aligned timeline. Reclaim Finance praises these first announcements, despite the urgent need to elaborate on […]
On Friday June 25th, MS&AD, one of the top three Japanese non-life insurers, adopted a policy to no longer insure or invest in new coal power plants, becoming the first Japanese insurer to make this move. The policy follows on the heels of similar announcements by four Korean insurers on June 21, isolating Tokio Marine, […]
By Peter Bosshard, Global Coordinator of the Insure Our Future campaign Founded by industry veteran Stephen Catlin in London and Bermuda two years ago, Convex Insurance quickly gained international prominence. The company has gained the trust of customers and investors, created more than 300 jobs and brought a strong team together. Convex and its principal […]
Top Korean non-life insurers DB Insurance, Hyundai Marine & Fire Insurance, Hanwha General Insurance, and Hana Insurance, which have provided nearly half of the total US$52 bn coal underwritings by Korean insurance companies — say no more insurance for both construction and operations of coal plants Following the UN Secretary-General António Guterres’s call on insurance […]
By Peter Bosshard, Global Coordinator for the Insure Our Future campaign Tokio Marine, Japan’s biggest international insurance company, would like to see itself as a corporate climate leader. It needs to quickly exit coal if it doesn’t want to be seen as a leader in corporate greenwashing. Tokio Marine’s central brand pledge is “to be […]
Mums, dads and children made a Father’s Day appeal to Lloyd’s of London Chairman, Bruce Carnegie-Brown, to stop insuring fossil fuels at a protest outside the companies’ London headquarters today. The parents delivered a giant oil drum of dead flowers and an oversized Father’s Day card to Carnegie-Brown in a direct appeal to the […]
Following the publication by Total of a tender for insurance / reinsurance brokerage services for the East African Crude Oil Pipeline (EACOP), an international coalition of organisations is calling upon leading re/insurance brokers to reject the tender and not to support the project due to its anticipated climate, nature and human impacts. EACOP threatens the […]
In November 2020, Samsung Fire & Marine became the first major Asian insurance company to publicly announce an end to insuring new coal-fired power plants. However, recent coal insurance data from Korea Electric Power Corporation’s (KEPCO’s) subsidiaries indicates Samsung F&M remains the biggest coal insurer questioning the validity and effectiveness of its coal policy. 2020 […]
In his closing speech at the Insurance Development Forum Summit, Antonio Guterres, Secretary General of the United Nations, called for the phase out of fossil fuel insurance. Peter Bosshard, Global Coordinator of the Insure Our Future network, said, “The call to action from the UN Secretary General and the recent 1.5C report by the International Energy […]