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 […]
AXA, Liberty Mutual, and others also implicated in Brazil’s oil expansion plans, despite the IEA’s warnings that limiting warming to 1.5°C requires an end to all fossil fuel 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: […]
On the same day that Insure Our Future leaked Lloyd’s ESG guidance, Client Earth has published a letter to Lloyd’s critiquing the inadequacy of this guidance. View Client Earth’s letter to Lloyd’s This letter to Lloyd’s sets out why Lloyd’s ESG guidance is wholly inadequate to set the Lloyd’s market on a science-based pathway to […]
Insure Our Future exposes Lloyd’s roll-back of its stated climate policies and a blatant case of ESG policy greenwashing UPDATE: Following the leaked copy of its ESG Guidelines and a letter from Client Earth that critiqued Lloyd’s lack of transparency, Lloyd’s has now published the Guidelines on its own website. Lloyd’s now needs to make […]
Mothers have created an alternative advent calendar for Lloyd’s Chair Bruce Carnegie-Brown to highlight the impact of the climate crisis and urge the company to stop insuring fossil fuels. The calendar was hand delivered by three of the mothers to Lloyd’s of London on 30th November. Find photos here. The calendar is based on themed […]
Zurich’s new greenfield oil policy allows the insurer to continue business as usual on oil and gas expansion, and its Arctic and tar sands policy only excludes an estimated 10.4% of short term oil and gas expansion plans, finds Insure Our Future (1). Today, Zurich announced that it will no longer insure new greenfield oil […]
New report by Commonwealth 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 Download report By supporting the continuation of extraction and emissions, the insurance industry plays a central role in facilitating economic activity that fuels climate and environmental […]
Letter to the Society of Lloyd’s regarding transparency in climate change policy In October 2021, the Society of Lloyd’s (the “Society”) announced a new commitment for the Lloyd’s market to achieve net-zero emission by 2050. However, the Society has not published the detail of the action it is asking market participants to take to meet […]
Coal industry nearly uninsurable as U.S. & Bermuda companies provide last lifeline The global insurance industry is undermining efforts to meet climate targets by continuing to support new oil and gas production, the Insure Our Future campaign reveals today in its fifth annual scorecard on insurers’ climate policies. Only three insurers, France’s AXA, Italy’s Generali, […]
Three days before COP26, AXA announces a new oil and gas policy which is both an important first step and a big missed opportunity. AXA is the first major fossil fuel insurer to adopt an oil and gas policy, and the document contains new restrictions on extreme oil and gas sources such as fracking, Arctic […]
Written by Peter Bosshard, Global Coordinator of Insure Our Future AXA committed to developing an energy policy this year, and now it needs to decide whether to rule out all cover for new oil and gas projects. The French insurer’s upcoming policy is a test on whether we can trust the voluntary efforts of corporate […]
Campaigners call out AXA for climate hypocrisy October 21, 2021 – Campaigners from the Insure Our Future coalition, Reclaim Finance and SumofUs are calling out AXA ahead of COP26 for failing to take climate leadership on ruling out oil and gas insurance. With a full-page advertisement in the Financial Times, an open letter, and a […]
Letter sent to AXA’s CEO Thomas Buberl: The credibility of your climate leadership is on the line Dear Mr. Buberl, Under your leadership, AXA has played a pioneering role in taking climate action within the insurance industry for many years. As the International Energy Agency (IEA) has just found in its World Energy Outlook, climate […]
On Sunday, October 17th and Monday, October 18th, 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 […]
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, […]