Insure Our Future campaign’s report

The Insure Our Future campaign has published its 2021 strategic plan on insurance, climate change, and fossil fuels; this is the organization’s fifth annual report on insurers’ climate policies. “Insurance Business” describes the results obtained by 30 insurance companies in the most recent rankings in this section.

The German group Allianz is leading the pack in terms of phasing out fossil fuel insurance; the French companies SCOR and AXA in terms of divestment in fossil fuels; and Aviva, headquartered in the UK, emerges as the leader compared to other climate leaders.

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The following companies are doing well, according to Insure Our Future, a study on the role of the global insurance industry in the fossil fuel sector:

Insurer Fossil fuel insurance rank     Fossil fuel investment rank    Other climate leadership rank   
Allianz 1 3 2
AXA 2 1 3
AXIS Capital 3 4 11
Swiss Re 4 4 4
Zurich 5 6 5
Hannover Re 6 12 11
Mapfre 7 8 10
Generali 8 7 7
SCOR 9 1 8
QBE 10 13 9
Aviva 11 23 1
Munich Re 12 9 6
HDI Global 13 9 11
The Hartford 13 11 11
Tokio Marine 15 16 11
Lloyd’s 16 16 11
MS&AD 17 16 11
Samsung FM 17 16 11
Chubb 19 15 11
Liberty Mutual 20 14 11
Ping An 21 16 11
Sompo 21 16 11
W.R. Berkley 23 16 11
AIG 23 24 11
Berkshire Hathaway 23 24 11
Convex 23 24 11
Everest Re 23 24 11
PICC 23 24 11
Sinosure 23 24 11
Travelers 23 24 11

Meanwhile, Insure Our Future has lamented that as the insurance industry’s exit from coal accelerates, so does oil and gas. According to the lobby group, only AXA, Generali and Suncorp (not included in the ranking) have policies that deny coverage for many or all new oil and gas production projects.

According to Insure Our Future, no insurer in Asia or the United States has said it will end oil and gas insurance. Meanwhile, AXA, the world’s largest fossil fuel insurer, says it recently adopted an oil and gas policy.

According to Peter Bosshard, global coordinator of Insure Our Future, which is attending the 26th United Nations Climate Change Conference in Glasgow, “the insurance industry has abandoned climate leadership by continuing to underwrite new oil and gas projects.” The scientific consensus is unequivocal: “we cannot avoid a climate catastrophe if we expand fossil fuel production.”

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Why choose the Property Insurance Centre

Independent broker with staff you can speak to by phone or online

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Why choose the Property Insurance Centre

Independent broker with staff you can speak to by phone or online

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

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