Greenpeace protests in Germany over reinsurance industry

Written by Michael Griffiths

22/10/2019

Fifteen Greenpeace activists have been peacefully protesting at a key reinsurance meeting in Baden-Baden, Germany, to expose the role of the reinsurance market in the climate emergency.

More than half of the global reinsurance market reportedly still provides coverage to insurance companies financially linked to new coal projects.

Coal, which dominates the power sector and generates 40% of the world’s electricity, contributes to 44% of global energy related CO2 emissions, according to IFEA figures.

This week’s reinsurance meeting in Baden-Baden is where the renewal of reinsurance contracts, including those related to coal, have been discussed.

Climate and energy campaigner at Greenpeace Central and Eastern Europe, Adam Pawloff, commented: “Greenpeace Germany is here today calling on reinsurers to not renew any contracts linked to coal.

“Over half of reinsurance companies still provide coverage for single coal-fired power plants or coal mines and continue to have clients that insure power suppliers generating significant proportions of their electricity from coal.”

By mid-2018, according to Unfriend Coal, seven reinsurance companies controlling 45% of global reinsurance premiums had reportedly divested some, or all their assets from coal.

Greenpeace has suggested that the insurance sector’s support of the fossil fuels industry not only poses risk due to trends such as damages increasing and regulation change, but that it is also unacceptable from the moral perspective. The organisation said the insurance sector has a responsibility to contribute to the stability of an economy.

Pawloff added: “A wise reinsurer would be moving away from insurance companies that are offering or providing coverage to coal projects – new and established – due to the economic and ecological risks attached.

“There is no insurance on a burnt planet.”

Greenpeace has demanded that reinsurance companies commit to developing or updating climate strategies that include a commitment not to support the further expansion of fossil fuels.

The organisation has also stated that in line with the findings of the IPCC special report on 1.5°C, any company not phasing out coal by 2030 in OECD countries, and globally by 2040, must be excluded from further activities of any kind – which includes not renewing contracts, when these have come to an end.

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