Allianz, AXA and Axis Capital rank best for coal exit policies

Written by Adam Cadle

20/10/2022

Allianz, AXA and Axis Capital have ranked best for their coal exit policies, according to Insure Our Future’s annual scorecard, whilst Aviva, Hannover Re and Munich Re have come out on top for their oil and gas exclusions.

The scorecard analyses 30 leading primary insurers and reinsurers, assessing their policies on insuring and investing in coal, oil, and gas.

This year, Japan’s Sompo, AIG and Travelers from the US, along with a few smaller companies joined the list of insurers who longer underwrite new coal projects. Insurers with coal exclusions now account for 62% of the reinsurance industry and 39% of the primary insurance market.

At the bottom of fossil fuel rankings are a group of insurers which have yet to adopt any restrictions on providing cover to coal, oil or gas projects, including US insurers Berkshire Hathaway and Starr, and Bermudian carrier Everest Re.

Insure Our Future global coordinator Peter Bosshard said: “Insurance is the achilles heel of the fossil fuel industry and has the power to accelerate the transition to clean energy. All insurance companies must immediately align their businesses with the 1.5°C goal of the Paris agreement and cease insuring new coal, oil and gas projects.”

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