You are here: Home » Subject » Insurance
Insurance
More News and Commentary
IEEFA
Power: Affiliates of one of South Korea’s largest business conglomerates announced they no longer will provide financial support for coal projects, putting in jeopardy plans to finish a 2,100-MW coal-fired power plant project that has been expected to come online in 2024. The six financial affiliates of the Hanwha Group, during a video conference on […]
IEEFA
Bloomberg: Desjardins Group, the largest financial co-operative in North America, said it will almost completely stop financing companies in the coal industry. The Canadian co-op said it won’t provide investments, loans or underwriting for businesses that operate or develop coal mines, plants or infrastructure, according to a statement posted on Friday. It may still work […]
Press Release and Norman Waite
AIA must back their climate pledges
21 December 2020 (IEEFA Asia): Major insurer AIA still holds anywhere between US $4 – 6 billion in coal and coal-fired power assets that if stranded will massively reduce wealth for investors and despite pledging its commitment to three significant global climate accords according to a new report by the Institute for Energy Economics and […]
IEEFA
Reuters: Lloyd’s of London is scaling back its exposure to coal and oil sands, the commercial insurance market said in its first sustainability report on Wednesday, in a reversal of its traditional hands-off approach to climate change strategy. Lloyd’s acts as regulator for around 100 syndicate members, and leaves decisions on underwriting and investment strategy […]
IEEFA
Reuters: Key insurance affiliates of South Korea’s biggest conglomerate Samsung Group on Thursday pledged to step up their ‘coal-free’ policies by banning investments in the coal industry, following a global move towards a low-carbon economy. Samsung Fire & Marine Insurance Co Ltd, Samsung Life Insurance Co Ltd and other financial units said in a statement […]
IEEFA
Reuters: Lloyd’s of London firm Apollo has written insurance for Adani Enterprises’ Carmichael thermal coal mine which expires in Sept 2021 but is not planning to provide any further insurance for the mine, according to a memo seen by Reuters. Carmichael has provoked controversy in Australia because it would open up a new thermal coal […]
IEEFA
The Guardian: Major Australian insurer Suncorp will end any financing or insuring of the oil and gas industry by 2025, adding to the group’s existing ban on support for new thermal coal projects. The insurer revealed on Friday it had already stopped insuring, underwriting or directly investing in new oil and gas projects and would […]
IEEFA
Reuters: Insurer Zurich has decided not to renew cover for the Canadian government’s Trans Mountain oil pipeline, said a spokeswoman for the project, which is opposed by environmental campaigners and some indigenous groups. All financial services companies are under pressure from environmental campaigners to cease doing business with the fossil fuel industry. A planned expansion […]
IEEFA
The Guardian: Another major insurer that was providing cover for the Adani Carmichael coalmine project in Queensland has said it will not be renewing policies with the coal project. Aspen Insurance is the fourth of Adani’s underwriters to walk away from the major mine and export rail project currently being constructed in the Galilee basin. […]
IEEFA
Australian Financial Review: General insurer QBE has completed its divestment of thermal coal and expects to gradually reduce its investments in other fossil fuels, as it prepares for a surge in demand for environmental and social impact finance after the coronavirus-induced economic crisis. Chief investment officer Gary Brader, who manages $US23.5 billion ($35 billion) worth […]
IEEFA: AIA too important to lag global insurers in coal investment, divestment, and exclusion
AIA must back their climate pledges21 December 2020 (IEEFA Asia): Major insurer AIA still holds anywhere between US $4 – 6 billion in coal and coal-fired power assets that if stranded will massively reduce wealth for investors and despite pledging its commitment to three significant global climate accords according to a new report by the Institute for Energy Economics and […]