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.
👎But only 9 insurers have stopped insuring tar sands projects, and only one, @Suncorp, has stopped insuring new oil and gas projects. Insurers like @Allianz, @AXA, @SwissRe and @Zurich need to stop insuring oil and gas expansion if they are serious about their 1.5°C pledges!
The new scorecard assesses and ranks the fossil fuel and climate policies of 30 global insurers. How does your insurance company compare?
👍Best performers on fossil fuel insurance: @AXA, @SwissRe, #HannoverRe, @Zurich and @MunichRe. 👎 Worst performers: @AIGinsurance, #BerkshireHathaway, @LloydsofLondon, @Sinosure_China, @Travelers and @WRBerkleyCorp
👍Best performers on divestment: @SCOR_SE, @AXA, @SwissRe, @Zurich and @Allianz. 👎Worst performers: again US insurers like @AIGinsurance, #BerkshireHathaway and @Travelers and Japanese insurers like @TokioMarine.
👍Best performers on other climate leadership: @LGIM, @Avivaplc, @Zurich, @MunichRe and @QBE. 👎Worst performers: @Chubb, @Travelers, @AIGinsurance, #BerkshireHathaway, @LibertyMutual, @LloydsofLondon and others.
📢Says @Lucie_Pinson_🥇: “European insurers have led the retreat from coal and now must lead on oil and gas. @Allianz, @AXA, @MunichRe and @Zurich have pledged to align their investments with 1.5°C and so they must stop insuring and investing in new oil and gas production.”
📢Says @GingerCassady, @RAN: “US insurers like @AIGinsurance, @LibertyMutual and @Travelers provide a lifeline to the struggling coal industry and continue to pour fuel on the flames of the climate crisis.”
📢Adds Flora Rebello Arduini, @SumOfUs: “@LloydsofLondon insure some of the world’s worst fossil fuel projects. There is no pride in being the insurer of last resort for a dying industry, and Lloyd’s must stop its legacy of climate destruction.”
👉In conclusion, insurers’ shift away from fossil fuels is positive but as the climate crisis worsens it needs to accelerate. Laggards like @LloydsofLondon, @AIGinsurance and @TokioMarine must stop insuring coal now and all insurers need to phase out cover for oil and gas.👈
Check out our report, which was published by 20 #InsureOurFuture partners, and our interactive digital scorecard at and 👉 follow @InsOurFuture for more updates!
Following up, check out this Bloomberg story for initial responses (and no comments) from US insurers @AIGinsurance, @Chubb, @LibertyMutual, @TheHartford and @Travelers.…

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More from @PeterBosshard

22 Jun
We can’t keep global warming to 1.5 °C if oil and gas production continue to expand. The new #InsureOurFuture campaign calls on insurers to stop insuring oil and gas expansion. Who are the main actors in this business? (1/8) Image
The world’s biggest oil and gas insurers are @AIGinsurance, @Travelers, @Zurich and @LloydsofLondon, a new #InsureOurFuture report reveals. (2/8)… Image
Next in line: second-tier oil and gas insurers @Allianz, @Chubb, @LibertyMutual, @MAPFRE and @WRBerkleyCorp. We’re watching you! (3/8) Image
Read 8 tweets

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