Talanx introduces additional restrictions on insurance for new oil/gas projects

Written by Adam Cadle

02/05/2023

Talanx Group (Talanx) is introducing additional restrictions on insurance for new oil and gas projects with effect from 1 July 2023.

It said it will no longer provide insurance policies for new greenfield upstream oil and gas projects. In addition, it will no longer insure new midstream projects for pipelines and tank farms (new and stand-alone) that are directly linked to greenfield upstream oil developments. Talanx said it will also include insurance cover for any stand-alone oil-fired power plants which have not yet been under construction or operation as of 1 July 2023.

In the Arctic region, the exclusion of new oil and gas drilling projects is extended to new covers for existing projects. Equally, the group will exclude deep sea mining project risks from underwriting as of 1 July 2023.

A multi-state reduction path has been drawn up detailing the group’s withdrawal from thermal coal by 2038.

“Sustainability is a core component of our group strategy: we aim to live up to our responsibilities and play our part in ensuring a sustainable future,” Torsten Leue, chairman of Talanx AG’s board of management, said.

“As an insurer and investor, we are actively supporting our partners in the industry as they transition and hence promoting sustainable structural change. We are taking the next ambitious steps to underpin this aspiration by introducing new underwriting exclusions, comprehensively including ESG criteria in our investment activities, and consolidating and expanding sustainable structures within our group.”

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