Talanx, Germany's third largest insurer, is the latest (re)insurance company to confirm to the #StopEACOP Coalition that they will not (re)insure the East African Crude Oil Pipeline (EACOP). They join 11 other (re)insurers, including 4 of the world’s biggest (re)insurance companies - Munich Re, Swiss Re, Hannover Re, and SCOR.
Talanx follows fast in the steps of three other (re)insurers (Argo Group, Axis Capital and RSA Group), who last week also confirmed they would not be involved in underwriting EACOP.
In an email to a member of the StopEACOP campaign, Talanx's Group Strategy and Sustainability Manager, Dr. Jan-Philippe Lüdtke, stated:
"I can now confirm that there is and will be no involvement in EACOP by Talanx or any of its subsidiaries."
This statement implies that Talanx subsidiary, Lloyd’s of London member Argenta Insurance, will also stay away from the controversial EACOP project.
The total number of (re)insurers who have confirmed they would stay away from EACOP is currently 13.
Despite recent media reports claiming that the EACOP has been fully insured through a local consortium, the #StopEACOP Campaign maintains that the project needs substantial international insurance and reinsurance to proceed. See the full statement here.
“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,”
- Samuel Okulony, Chief Executive Officer, of Ugandan-based Environment Governance Institute (EGI).
The EACOP project is a climate bomb. Its direction depends on the decisions (re)insurers make today. They have the power to save humanity, to rescue the thousands of people being displaced in Africa, to save the source of the longest river in the world, to save biodiversity that is on the verge of extinction which includes elephants, chimpanzees, giraffes, birds, insects, reptiles, forests, game reserves, rivers and waterfalls that people pay to visit in Africa. All these and more are at their mercy,”
- Hilda Flavia Nakabuye, climate activist and founder of Fridays For Future- Uganda.
“We now have 20 banks, 4 export credit agencies and 13 (re)insurance companies that have confirmed to us that they will not give project financing or underwrite EACOP. The other insurers and banks still considering any involvement in EACOP, like Industrial and Commercial Bank of China, Standard Bank-South Africa, and Sumimoto Mitsui Banking Corporation, are putting corporate needs and profits before people’s lives, nature and climate. It is time they choose sides. The whole world is watching and hoping they do what’s right – which is putting people’s lives before corporate greed.”
- Omar Elmawi, Coordinator of the #StopEACOP Coalition
Now Talanx CEO Torsten Leue must adopt a more comprehensive policy that excludes not just EACOP but all other new oil and gas projects. Talanx currently lags behind not just its major rival Allianz but also its own subsidiary Hannover Re, both of which adopted more comprehensive policies earlier this year.
“It is good to see Talanx HDI finally join the growing group of insurers who are snubbing EACOP. However, it is also imperative for the company to produce a sensible, comprehensive oil and gas policy that goes beyond oil sands alone. Instead of publicly advertising its expertise as an insurer of onshore and offshore fossil fuel extraction, Talanx HDI ought to swiftly exclude the complete unconventional sector, and in general, all new projects along the oil & gas value chain to then decisively phase out fossil fuels in line with climate science.”
- Regine Richter, Finance and Insurance Campaigner at Urgewald
We are an environmental organisation dedicated to ending coal mining and use in the UK for the sake of our collective climate and ecosystems. So you’d think we’d celebrate the claim by Merthyr (South Wales) Ltd that it will finally stop mining coal today at Ffos-y-fran in Merthyr Tydfil, South Wales. But we’re not. Because the abject failure of Merthyr County Borough Council to stop…
People hailing from Cumbria to London, and everywhere in between, descended on the Mines and Money Conference in London across two days (28th-29th Nov 2023). We demanded that investors stop pouring cash into the mining sector, and instead invest in our collective future. Together with Fossil Free London and other groups, we greeted investors with…
The insurers that have ruled out underwriting the mine are AEGIS Managing Agency, Argenta Syndicate Management, Hannover Re and Talanx. These are the first financial institutions to rule out any involvement with the project, and the win represents a new phase in the campaign to stop the project from going ahead.
Today’s global actions focused specifically on the state-owned China Export & Credit Insurance Corporation (Sinosure), the Export-Import Bank of China (China Exim), and the Industrial and Commercial Bank of China (ICBC). Sinosure is said to be in advanced talks with the Ugandan government about providing credit for the project.
On 18th October dozens of protesters staged a sit-in occupation of the plush City of London offices of ten Lloyd’s of London insurers demanding they rule out insuring the proposed West Cumbria coal mine and East Africa Crude Oil Pipeline (EACOP).
Global mining companies are coming to London soon attempting to find investors in their ruinous projects at the Mines and Money Conference (28th to 30th November). Join our protests against it!
01 September 2022: Merthyr (South Wales) Ltd applies for a S.73 time extension to mine coal from Ffos-y-fran, and to accordingly delay and vary restoration works.
06 September 2022: Planning permission ends for coal mining at the Ffos-y-fran site, after 15 years and 3 months of operations.
12 September 2022: first reports to MTCBC have been made by local residents of coaling beyond the end of planning permission.
Over 30 Welsh NGOs and businesses have signed a letter to Welsh Minister Julie James and Deputy Minister Lee Waters, demanding they draw a line in the sand and announce ban on any further coal mines on Welsh soil. The letter was delivered on 11th October 2023.
On 15th September 2023, The Guardian reported that Tata Steel accepted Government funding to avoid closing its steelworks in Port Talbot, South Wales, by decarbonising it instead – but at a loss of up to 3,000 jobs. The UK Government is providing £500 million, and Tata Steel is expected to provide another £725 million…