Peter Bosshard Profile picture
Finance Program Director at the Sunrise Project. Swiss native, US resident, Chinese son-in-law and citizen of the world. My personal views.
Oct 6 11 tweets 7 min read
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. 🧵 Image 👍 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.
Apr 29 8 tweets 3 min read
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.
Mar 17 11 tweets 4 min read
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.
Aug 25, 2021 6 tweets 4 min read
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.
May 18, 2021 8 tweets 6 min read
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.
Dec 2, 2020 14 tweets 16 min read
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.
Jun 22, 2020 8 tweets 6 min read
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