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!
With @MunichRe, @SwissRe, #HannoverRe, @SCOR_SE, @Mapfre and a few others, 43% of the global reinsurance market (by premiums) have now restricted their cover for the oil industry – and all in this year alone. Even if gaps remain, this is a massive breakthrough!
@MunichRe @SwissRe @SCOR_SE @MAPFRE Two factors are driving change in the insurance industry more than any others: massive loss events and changes in reinsurance policies. With Hurricane Ian and Munich Re’s new oil and gas restrictions, insurance companies have now experienced both within a week.
It is high time for @LloydsofLondon, @Chubb, @AIGinsurance, @TokioMarine, @AXA, @Zurich and other insurers still underwriting the expansion of oil and gas production to see the writing on the wall and end their support for new oil and gas projects!
A few days ago Munich Re’s Lloyd’s syndicate, one of the most important oil and gas insurers on the London market, already announced its complete withdrawal from oil and gas for 1/2023. @BeazleyGroup, @MarkelStyle and other Lloyd’s fossil fuel insurers should follow its lead!
If you’re a shareholder in a company or a minister in a government still considering the expansion of their oil and gas infrastructure, be aware that they will soon find it more difficult, time-consuming and expensive to insure these risks!
As coal companies have already realized, insurance is the Achilles heel of the fossil fuel industry. You’ll find Munich Re’s policy at and an @InsOurFuture response at #InsureOurFuture
For media inquiries, contact and for @InsOurFuture, for @Urgewald and for @ReclaimFinance.
And an embarrassing correction to the figure I used in the first tweet: Munich Re directly and indirectly underwrites 13% of the global economy. More than anyone else but less than 22%!

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More from @PeterBosshard

Apr 29
BOOM: @Allianz, the world’s biggest and most respected insurance company, has just published an ambitious oil and gas policy. The policy accelerates the insurance industry’s shift away from the oil sector and raises the bar for other insurers, which now have to follow suit. Image
Under the new policy, Allianz will to stop insuring and investing in new oil and gas fields, new oil power plants, new midstream oil infrastructure, and practices relating to the Arctic from January 2023, and will not renew existing contracts for such projects from July 2023.
The policy also contains some significant gaps: It notably fails to rule out midstream gas infrastructure like liquified natural gas terminals as well as gas plants or fracked gas, all of which are devastating to the climate.
Read 8 tweets
Mar 17
BREAKING NEWS: @SwissRe, one of the world’s ultimate risk managers, brings new momentum to the insurance industry’s shift away from fossil fuels with a new oil and gas policy today. A quick 🧵 on the breakthroughs, the gaps and the steps which other insurers now need to take.
The new policy presents some major breakthroughs: Swiss Re is the first major oil and gas insurer to rule out support for almost all new oil and gas projects. More importantly, it plans to phase out support for any oil and gas companies without credible net-zero plans by 2030.
In a first for the insurance industry, Swiss Re’s phase-out commitment not only applies to the up and midstream sectors, but also to downstream companies (oil refineries, gas utilities, petrochemical plants etc.) without credible net-zero plans.
Read 11 tweets
Aug 25, 2021
Ending cover for new oil and gas projects would not just be good for the climate and insurers’ brand. @SocieteGenerale just found it would also be good for their shareholders. What are oil insurers like @Allianz, @AXA and @Zurich still waiting for? 🧵
Ending exposure to fossil fuels is seen as a sign of forward-looking management. As @MoodysInvSvc has found it also reduces the risk that insurers have to pay out massive damages for climate lawsuits against fossil fuel companies.
In December 2020, Societe Generale already increased the valuation of insurers with strong coal exit policies like AXA by up to 6%. Such a bump amounted to a green premium for shareholders of several billion dollars.
Read 6 tweets
May 18, 2021
BREAKING: In a welcome reversal, the @IEA today concluded that “there is no need for investment in new fossil fuel supply” in a net-zero pathway to 2050. This punctures all the fossil fuel expansion plans in shallow corporate net-zero pledges. A brief #InsureOurFuture thread.
The IEA finds that reducing carbon emissions to net zero calls for “a complete transformation of how we produce, transport and consume energy”. This transformation will create 30 million jobs and result in at least 2 million fewer premature deaths per year from air pollution.
Even if the IEA continues to underestimate the potential of wind and solar and talks up CCS, “net zero means a huge decline in the use of fossil fuels” according to the roadmap, and the demand for coal, oil and gas will fall by 90%, 75% and 55% in the next three decades.
Read 8 tweets
Dec 2, 2020
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.
Read 14 tweets
Jun 22, 2020
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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