PeterBosshard 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.
Nov 9, 2023 16 tweets 6 min read
BREAKING: 45 companies controlling 41% of the insurance and 62% of the reinsurance market have adopted coal exit policies in recent years. Only 18 carriers accounting for 20% of the insurance and 47% of the reinsurance market have restricted their support for oil & gas. 🧵 Image 👍 According to the new #InsureOurFuture scorecard published today, the number of coal exit policies has increased from 41 to 45 last year. Oil & gas restrictions are up from 13 to 18, and tar sands restrictions from 21 to 26. That’s the good news.
May 24, 2023 10 tweets 7 min read
Breaking: a new @Greenpeace report just exposed the insurance companies underwriting the massive expansion of oil and gas extraction in Norway’s North Sea. Also today, >500 British students informed fossil fuel insurers they won’t work for climate wreckers. Read on! 🧵 Image The Greenpeace report identified 69 insurers offering cover for the 21 oil and gas companies with massive expansion plans in the North Sea. Most of them are syndicates of @LloydsofLondon such as @BeazleyGroup, @britinsurance and @HiscoxComms.
Oct 19, 2022 13 tweets 11 min read
🔥 Insurance is the Achilles heel of the fossil fuel industry. A new #InsureOurFuture report published today finds that new coal power plants have become near uninsurable and that insurers have finally started to move away from oil and gas. A short 🧵 on leaders and laggards! 🔥 So far 41 insurers, up from 36 last year, have adopted coal restrictions. 📈 Their share of the reinsurance market has grown to 62% and much of the rest isn’t insuring coal anyway. Insurance capacity for coal has dwindled to $250m – 1/10 of the capacity for other power projects!
Oct 17, 2022 13 tweets 4 min read
Climate disasters like Hurricanes Ian are making insurance unaffordable for communities exposed to climate risks. 🌪️ @chiaraarena2030 and I just proposed a way how insurers can make carbon polluters rather than their customers pay for such disasters. 🧵 context.news/climate-risks/… Image As climate change spirals out of control, (un)natural disasters are becoming more frequent and expensive. 📈 Munich Re reports that they caused losses of $280 bn last year, up from $166 bn in 2019 and $210 bn in 2020. Insurers’ business models are now stretching at the seams.
Oct 6, 2022 12 tweets 8 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. 🧵 👍 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, 2022 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, 2022 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? 🧵bloom.bg/3yaxDDm 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. bit.ly/3khIV3M
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) unfriendcoal.com/insurers-must-… Image