Talanx passes on EACOP

Written by Adam Cadle

25/08/2022

Germany’s third largest insurer, Talanx, is the latest (re)insurance company to confirm to the #StopEACOP Coalition that it will not (re)insure the East African Crude Oil Pipeline (EACOP).

Talanx joins 11 other (re)insurers, including four of the world’s largest (re)insurance companies – Munich Re, Swiss Re, Hannover Re, and SCOR. Last week, Argo Group, Axis Capital and RSA Group, also confirmed they would not in involved in underwriting EACOP.

Ugandan-based Environment Governance Institute (EGI) CEO Samuel Okulony said: ““More and more (re)insurers are learning about the many problems that EACOP is bringing to the people of Uganda and Tanzania and the health, social, and climate impacts that the pipeline will leave in its wake, and they are wisely distancing themselves from the project. It is time for other (re)insurance companies to follow suit and refuse to be accomplices to such dreadful projects that are premised to only benefit the oil companies Total and China National Offshore Oil Company (CNOOC) at the expense of everyone else.”

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