Major Lloyd’s of London insurance syndicate Brit has committed to never directly insure the Carmichael Coal Project and to not renew insurance involving any associated aspects of the project, most likely referring to the rail line. In an email to Insure Our Future, Brit stated: Brit does not, has never, and will not write any […]
Adani and its rail line contractors, BMD and Martinus, have failed to prepare for the wet season. Pictures have emerged of substantial flooding on a section of the under-construction rail line to service the proposed Adani Carmichael coal mine in Australia. Lawyers from Environmental Justice Australia (EJA), acting for Mackay Conservation Group (MCG), have written […]
The following commentary by Peter Bosshard first appeared in Environmental Finance. Climate campaigners have pushed insurance companies to exit the coal sector for many years. They have now received support from an unexpected source: financial analysts. “We think the insurance sector’s most important contribution to ESG is exiting coal underwriting”, a recent report issued by […]
By Peter Bosshard, coordinator of the Insure Our Future campaign On January 25, 2021, BBC Sport and the Sport Positive Summit named Tottenham Hotspur the Premier League’s greenest club. Congratulations! Can Spurs, which also just signed up to the UN Sports for Climate Action Framework, drop AIA and find a shirt sponsor which shares their […]
Update (22-01-2021): “Having previously said they had no record of insuring BPC’s ill-conceived offshore oil drilling project, Lloyd’s has now admitted they are providing insurance. We can understand why Lloyd’s would have been embarrassed to admit they’re insuring this project. New oil and gas projects are completely incompatible with limiting global warming to 1.5C. Lloyd’s […]
On December 17, Lloyd’s of London releases its Environmental, Social and Governance Report which, amongst other commitments, asks Lloyd’s managing agents to no longer provide new insurance cover for coal-fired power plants, thermal coal mines, oil sands and new arctic energy exploration. Insure Our Future welcomes this as a step in the right direction, but […]
December 12, 2020 – On the fifth anniversary of the Paris Agreement, Thomas Buberl, the CEO of the AXA Group, proposed the creation of a Net-Zero Underwriting Alliance (NZUA). The Insure Our Future campaign welcomed the proposal as a sign that insurers are increasingly accepting responsibility for the emissions of the projects they are underwriting. […]
Chinese Press Release Laggards in U.S., Asia and Lloyd’s Market slow global progress Insurers’ continued retreat from coal is making it harder and more expensive to secure insurance for coal projects, the Insure Our Future campaign revealed in its fourth annual scorecard on insurers’ climate policies. Although momentum is growing, it falls short of what […]
The race towards an exit from the coal sector among East Asia’s major powers is picking up speed. Responding to similar announcement from China and Japan, the Korean government committed to carbon neutrality by 2050 at the end of October. With a surprise announcement from Samsung, it seems Korean companies are now starting to extend […]
Adani’s Insurer and Lloyd’s of London syndicate Apollo has dropped Adani’s Carmichael coal project following pressure from the climate campaigners and the #StopAdani movement. Apollo confirmed that the insurer will not provide cover for Adani’s coal mine, rail project or coal port after their current construction policy terminates in September 2021. The syndicate also revealed […]
Climate campaigners from the Stop Adani campaign and Pacific Climate Warriors joined forces October 27 and 28 to call on Lloyd’s of London and its members to follow the lead of 23 major insurance companies, including several Lloyd’s syndicates, and stop insuring Adani’s Carmichael coal project in Australia. If built, Adani’s Carmichael mine will, amongst […]
By Peter Bosshard, Global Coordinator of Insure Our Future Aon, the world’s second-biggest insurance broker, argued in a recent report that “a rapid shift away from fossil fuels in favor of renewable energy sources” is needed. “If society does fail to take action,” the broker warned, “the final outcome may be catastrophic.” Writing this piece […]
Statement by the Insure Our Future campaign. Today, Tokyo-based MS&AD Insurance Group, one of the world’s top-10 insurers, released its position on underwriting coal power projects as part of its updated plan on sustainable business principles. Like its counterparts Tokio Marine and Sompo, MS&AD’s position is a misleading attempt to brand itself as sustainable. Yuki […]
Statement by the Insure Our Future campaign. Today, Japan’s Tokio Marine, one of the world’s top-10 coal insurers, published a position on coal as part of a climate strategy. Tokio Marine’s position follows on the heels of a statement Tokyo-based insurance company, Sompo, announced last week on limiting the underwriting of construction of new domestic […]
Statement by the Insure Our Future campaign Today, Sompo became the first Japanese insurance company to adopt a position on coal. According to the position, Sompo “will not insure and invest in new construction of coal-fired power plant in Japan, except for projects for which underwriting, investment and financing has already been expressed“. However, this […]
Climate finance experts have revealed the major loopholes in hundreds of financial institutions’ coal policies which they say could lead to the expansion of the coal industry and prevent the world from exiting coal on time if left unchecked. They also expose the banks, insurers, asset owners and asset managers with no restrictions on coal at all. […]
Lloyd’s Action Today, in an activity that marks the launch of a global campaign, Insure Our Future takes global climate concerns to Lloyd’s of London’s front door as it reopens its underwriting hall. As insurance professionals enter the building, campaigners welcome them with the message that Lloyd’s market must ‘wash its hands of coal and […]
In recent months insurance companies have rapidly abandoned the Adani Group’s Carmichael coal mine in Australia and the Trans Mountain tar sands oil pipeline in Canada when they were exposed by NGOs. The Trans Mountain pipeline, whose cover needs to be renewed by the end of August, has turned into a test case for insurers’ […]
Earlier this year, risk experts at the World Economic Forum identified the failure to address climate change as the most impactful – and sadly, the second-most likely – risk we face. It’s a risk the insurance industry must play its part in tackling. The sector itself may not emit a significant quantity of greenhouse gases. […]
Insurer Talanx has dropped support for Canada’s controversial Trans Mountain pipeline while Munich Re’s support is in doubt after it unveiled a new tar sands policy earlier this year, reveal emails to Canadian NGO Stand.earth. Subsidiaries of both companies were named on Trans Mountain’s current Certificate of Insurance, which lists 11 companies providing $508 million […]