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INSURE OUR FUTURE NEWS ALERT

Insure Our Future (formerly Unfriend Coal) calls on insurance companies to rule out cover for all fossil fuels which are inconsistent with international climate targets.  

Insurers peeling away from Adani mine and Trans Mountain pipeline

 

In recent months, insurance companies have rapidly abandoned Adani's Carmichael coal mine in Australia and the Trans Mountain tar sands oil pipeline in Canada.

In June, documents seen by Insure Our Future and leaked to the Sydney Morning Herald revealed that Liberty Mutual, HDI Global, XL Australia and Aspen Re held insurance policies on the Carmichael coal mine and rail network, brokered by Marsh. Within a week, all four insurers said they would not renew their cover for the mine, or the company behind it.

In May, Insure Our Future revealed that Lloyd's, Zurich, Munich Re and Chubb were the biggest insurers of the Trans Mountain pipeline. After a public outcry Zurich announced that it would not renew its coverTalanx said it is dropping its insurance cover for the pipeline, and Munich Re signalled publicly that it would not renew support.

Lloyd's, Chubb, Liberty Mutual, Energy Insurance Mutual, AIG, SSRU, Berkley and Starr are yet to rule out insurance renewal. Lloyd's in particular seems to play a leading role underwriting fossil fuel projects no longer insurable by other carriers. 

Today, organisations representing 24 million members sent an open letter urging the insurers of Trans Mountain to drop the project due to concerns over climate change, Indigenous rights, environmental racism and water pollution.

Read more on the Adani mine and Trans Mountain pipeline
IN OTHER FOSSIL FUEL INSURANCE NEWS:

METLIFE DROPS COAL


MetLife has quietly adopted a policy restricting new investments in companies with >25% of income from coal or holding >20% of oil reserves in tar sands. It is the first US life insurer to stop investing in fossil fuels...
Read more

SUSTAINABLE UNDERWRITING


The UNEP Principles for Sustainable Insurance Initiative has launched a guide to sustainable underwriting for the insurance industry. It finds that mining, oil and gas, and coal construction offer particularly serious ESG risks to insurers...
Read more 

INFORMATION TO SHARE?


Much of the insurance industry’s progress in shifting away from fossil fuels was brought about by employees increasingly concerned about their companies' roles in the climate crisis... 
 Read more

TAKE ACTION!


Call on Liberty Mutual to withdraw their application for the Baralaba South Coal Project in Australia by signing this petition by Lock the Gate...
Sign here 

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