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NEWS FROM 'INSURE OUR FUTURE' Insure Our Future News Alert for March 31st 2022 Original article: https://mailchi.mp/1bc3bb13c2b5/insurers-begin-oil-and-gas-exodus?e=339eacfa15 Burgess COMMENTARY Peter Burgess | ||
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Insure Our Future
News Alert As the war on Ukraine drives home how exposed fossil fuel customers are to conflicts and price shocks, the momentum to phase out oil and gas has firmly taken hold in the insurance industry. During the last three weeks, Swiss Re, Hannover Re and Mapfre have adopted policies to reduce their support for oil and gas companies in line with a credible 1.5C pathway. Even if the policies contain some serious gaps, they set a new floor for Allianz, Munich Re and other major oil and gas insurers which now have to follow suit. Now that AIG has finally adopted a decent coal and tar sands policy, the time has come for US insurers to stop insuring conventional oil and gas expansion as well. Shareholders have submitted resolutions at the US carriers Chubb, The Hartford and Travelers, calling on them to stop underwriting new fossil fuel projects in line with the International Energy Agency’s Net Zero Emissions by 2050 Scenario. Earlier this week, the Security and Exchange Commission cleared the way for votes on the resolutions at Chubb and The Hartford in May, and a similar decision is expected on Travelers shortly. As Andrea Granger from Green Century Capital Management says, shareholders “can now ask insurance companies to adopt policies that align with the IEA report findings”. We look forward to seeing investors ramp up pressure on insurance laggards. Peter Bosshard Global Coordinator of the Insure Our Future campaign Insurance industry begins exodus away from oil and gas This month, Swiss Re, Hannover Re and Mapfre all committed to enhanced oil and gas policies. Insure Our Future welcomes this new momentum to the insurance industry’s shift away from fossil fuels. Swiss Re is the first major oil and gas insurer to adopt a policy which excludes insurance for most new oil and gas projects; expresses an ambition that by 2030 all of its oil and gas premiums will come from companies with credible net zero plans; and commits to develop an oil and gas policy for its treaty business by 2023. Now, Insure Our Future is calling out Munich Re and Allianz, two other major oil and gas insurers which claim to be climate leaders, to build on the oil and gas exit policies set by Swiss Re and other insurers. IN OTHER NEWS SEC rejects Chubb’s bid to silence shareholders on fossil fuel underwriting March 28, 2022 The US Securities and Exchange Commission (SEC) has ruled in favor of a landmark shareholder resolution filed by Green Century Capital Management calling on Chubb to stop underwriting new fossil fuel projects in line with the International Energy Agency’s Net Zero Emissions by 2050 Scenario. The resolution will be voted on at Chubb’s AGM this May. With similar resolutions filed at The Hartford and Travelers, this represents the first time that U.S. insurers have faced a broad challenge from shareholders calling on them to end support for fossil fuel expansion.' Hannover Re becomes 5th re/insurer to opt out of East African Crude Oil Pipeline (EACOP) March 28, 2022 Hannover Re is the latest insurer to reject EACOP, joining SCOR, Swiss Re, Axa and Zurich in publicly committing that they will not underwrite the pipeline. Of the world's four biggest reinsurers, three have excluded reinsuring EACOP. Now, all eyes are on Munich Re to adopt a world-leading oil and gas policy and a clear commitment not to re/insure EACOP. Mothers call on Lloyd’s of London to stop hurting #OurOtherMother - planet earth March 25, 2022 Ahead of UK Mother’s Day, a group of mothers from Mothers Rise Up and Parents For Future UK, have reiterated their call on Bruce Carnegie-Brown and the leadership of Lloyd’s of London to stop insuring dangerous fossil fuels, and to insure their children’s futures instead. The mothers handed over a collection of powerful and heartfelt illustrated Mother’s Day cards, calling on Carnegie-Brown and the Lloyd’s leadership to stop hurting Our Other Mother – Planet Earth. 12 companies now have policies that protect the Arctic Refuge March 23, 2022 The Gwich’in Steering Committee released an update to its scorecard that tracks global insurance companies’ policies on fossil fuel development in the Coastal Plain of the Arctic National Wildlife Refuge in the US. Since the initial release of the scorecard in August 2021, six additional “gold medal” companies have been added for a total of 12 international insurers with commitments that clearly articulate not insuring new oil and gas projects in the Refuge. Other major insurers such as Lloyd’s of London, Tokio Marine, Travelers, Chubb, and Liberty Mutual did not medal or were disqualified in the scorecard. Release of the Oil and Gas Policy Tracker March 22, 2022 Reclaim Finance and more than 15 NGOs launched the “Oil and Gas Policy Tracker” (OGPT). The tool assesses the oil and gas exclusion policies of the 150 biggest financial institutions worldwide. The OGPT reveals that many of the policies adopted by insurers, banks, and investors to restrict support for the oil and gas industry are too flawed to align their business with their net zero 1.5°C targets. Reclaim Finance and partners call on financial institutions that do not want to be exposed as greenwashers to adopt robust oil and gas policies with clear red lines against oil and gas expansion. FOSSIL FUEL INSURANCE NEWS YOU MAY HAVE MISSED
This email was sent to peterbnyc@gmail.com Insure Our Future · 436 14th St Ste 1220 · Oakland, CA 94612-2723 · USA Past Issues ----------- March 2, 2022 AIG announces major climate commitments ----------- January 20, 2022 Documents reveal Chubb, Mapfre and Tokio Marine backing massive offshore oil expansion in Brazil ----------- November 3, 2021 2021 Scorecard on Insurance, Fossil Fuels & Climate Change ----------- October 21, 2021 Campaigners at Baden Baden Reinsurance Conference call for end to fossil fuel insurance ----------- August 25, 2021 Societe Generale Finds Ending Oil & Gas Insurance Adds Shareholder Value ----------- June 28, 2021 Survey on climate change & the insurance industry ----------- June 17, 2021 International pressure escalates on insurers of Trans Mountain pipeline as renewal deadline looms ----------- April 14, 2021 Campaigners ramp up pressure, calling on Lloyd’s of London to immediately stop insuring the world's worst fossil fuels projects ----------- March 11, 2021 Leading European insurers back LNG, report finds ----------- February 4, 2021 Coal exit policies increase insurers’ shareholder value ----------- December 16, 2020 Lloyd's coal policy is step in right direction, but it must immediately drop all new coal ----------- December 2, 2020 Coal is increasingly uninsurable, but industry fails to act on oil and gas ----------- October 30, 2020 Climate campaigners target insurers at Liberty & Lloyd’s ----------- September 1, 2020 Lloyd’s must wash its hands of coal and tar sands, demands campaigners ----------- August 6, 2020 Insurers peeling away from Adani and Trans Mountain ----------- June 18, 2020 Insurers must unfriend oil and gas, campaigners say -----------
| The text being discussed is available at | https://mailchi.mp/1bc3bb13c2b5/insurers-begin-oil-and-gas-exodus?e=339eacfa15 and |