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BREAKING: @MunichRe, the world’s biggest reinsurer, has just adopted an oil and gas exit policy. 🔥 Munich Re underwrites 22% of the global economy so this sends a strong message to insurers, energy companies and governments still considering new fossil fuel infrastructure. 🧵 
👍 Under the new policy, Munich Re will no longer insure or invest in new oil and gas fields, new oil midstream projects and new oil power plants from April 2023. This applies to Munich Re’s primary, facultative and direct reinsurance.
👎 The policy doesn’t address insurance for gas pipelines, LNG plants and gas-fired power plants, and is silent on how to address oil and gas in Munich Re’s treaty reinsurance business. A lot of progress and some more work to be done!
BREAKING: Coal is becoming uninsurable but major laggards are still offering cover and insurers have so far not moved away from oil and gas, the @InsOurFuture’s new scorecard report shows. A quick 🧵 on the good, the bad and the ugly!
👍Since 2017, 23 major insurers have stopped insuring coal projects. Premiums for coal companies have gone up by up to 40% this year, and “businesses with exposure to coal are being punished as many insurers withdraw their support”, an insurance broker warns.
👍By now, at least 65 insurers with combined assets of $12 trillion – ca. 43% of all insurance assets – have divested from coal in some way, and divestment is “slowly squeezing the entire coal industry like an anaconda”, an analyst warns.
