Updates

With VIG, the next coal insurance domino falls

February 22, 2019

Austria’s Vienna Insurance Group (VIG) is to stop insuring new coal plants and mines, becoming the eighth insurer to announce restrictions on its cover for coal.

The new coal policy is available here and Lucie Pinson, European coordinator of the Unfriend Coal campaign, is available for interview. She said:

“VIG’s announcement that it will no longer insure new coal plants and mines is welcome and will put pressure on its Austrian rival Uniqa to follow suit. However, its new coal policy has serious flaws and is substantially weaker than those of major insurers such as AXA and Allianz. While some countries such as Italy will be impacted, the policy falls way short of what is needed to phase out coal in Europe by 2030, which is necessary to keep global warming below 1.5°C.

“VIG pledges not to renew insurance for coal mines and plants in countries with plans to phase out coal. However, since it does most of its business in Central and Eastern European countries with no such plans, this commitment is of little value. However, we do welcome its promise not to pick up business from rivals exiting the sector.”

VIG also announced that it would cease investing in companies which derive 50% of revenues from thermal coal mining or thermal coal power. However, most insurers who have committed to divest set a 30% or lower bar and VIG’s weak target fails to exclude some of the world’s biggest coal developers and producers.

Get the latest campaign updates on coal, climate and insurance.

  • UnfriendCoal will use the information you provide on this form to provide campaign updates. By submitting this form, you are accepting to receive emails from us. You can change your mind at any time by clicking the unsubscribe link in the footer of any email you receive from us, or by contacting us at peter@sunriseproject.org.au. We will treat your information with respect. For more information about our privacy practices please visit our Privacy page. By clicking below, you agree that we may process your information in accordance with these terms.

    We use MailChimp as our marketing automation platform. By clicking below to submit this form, you acknowledge that the information you provide will be transferred to MailChimp for processing in accordance with their Privacy Policy and Terms.