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5 Insurers Rule Out Insuring The West Cumbria Mine

On Friday September 15th, as insurers and banks faced a wave of national protest, Coal Action Network announced that five insurers have given guarantees that they will not provide cover for the planned controversial West Cumbria Coal Mine.

The insurers that have ruled out underwriting the mine are AEGIS Managing Agency, Argenta Syndicate Management, Argo, 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.

Global Fight to End Fossil Fuels on September 15-17th saw half a million people joining protests across the globe to call for a just transition away from coal, oil and gas in history, making it the largest climate mobilisation since the start of the pandemic. Over 400 actions, marches, rallies, and events took place around the world, coordinated by more than 780 endorsing organisations with millions of participants taking part. In the UK Protests took place in London, Manchester, Leeds, Sheffield, Birmingham, York, Wrexham, Cardiff, Shrewsbury and Croydon. Hundreds of campaigners from Extinction Rebellion, Mothers Rebellion and Coal Action Network took to the streets assembling with banners and placards, at the doors of financial institutions, yet to rule out supporting the proposed mine.

They were joined by Buddhist and Quaker groups and other members of the local community. Some groups took part in theatrical actions, dressing as canaries to draw the link between the birds used in mines and the toxicity this mine will bring, while others held silent vigils.

Insure Our Futures Scorecard shows which insurance companies are taking action on fossil fuels and climate change. It focuses on 30 leading primary insurers and reinsurers, assessing and scoring their policies on insuring and investing in coal, oil, gas, and other aspects of climate (in)action. The report highlights progress and loopholes, calls out leaders and laggards, and identifies challenges and opportunities for the year ahead.

Download the full report from Insure Our Future

AIG

AIG is a major insurance provider to fossil fuel companies, and has billions invested in the industry. AIG is the largest coal insurer outside of China, and one of the few still able and willing to underwrite new, multi-billion-dollar coal projects. The company is also among the top three insurers of oil and gas projects. While at least 37 insurers have limited or ended coal underwriting, AIG stands out as a global laggard with no restrictions on insurance for the coal sector. AIG has also failed to rule out insurance support for destructive fossil fuel expansion projects, including the Adani Carmichael coal mine and the Trans Mountain tar sands oil pipeline.

FRONTLINE STRUGGLES & DEMANDS

Insure Climate Justice Demands

We need a just transition and ensure energy access for all. For this to happen, those who currently hold the power must act to keep fossil fuels in the ground and support just climate solutions. We’re demanding the following: 1. An immediate phase out of…

Adani Coal Mine

People across Australia have been fighting for 10 years to stop one of the most devastating mining projects currently being planned on the globe. The Adani coal mine, if it goes ahead, will open up the Galilee basin – one of the biggest untouched coal…

ACTIONS & NEWS

AIG’s climate commitments are a major step forward for US insurance industry’s exit from fossil fuels

“As one of the last major insurers without restrictions on coal insurance, AIG’s new commitments to reduce underwriting for coal, tar sands oil, and Arctic oil and gas are a major step forward for people and the planet,”

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Lloyd's of London

Lloyd’s provides insurance and reinsurance that supports and enables some of the world’s worst fossil fuel projects including coal mines, tar sands pipelines, and new oil & gas exploration. Their business plans are incompatible with keeping climate change under 1.5°C. In total, Lloyds insures 40% of the world’s energy. These practices are far from new. Lloyd’s has a long racist colonial past. Its wealth was built off a monopoly insuring the trans-Atlantic slave trade. Today, Lloyd’s continues to profit from underwriting projects that sacrifice Indigenous, Black, and brown communities on the frontlines of fossil fuel extraction and the climate crisis.

FRONTLINE STRUGGLES & DEMANDS

East Africa Crude Oil Pipeline

The East Africa Crude Oil Pipeline is a heated oil pipeline currently under construction. Once completed, it will stretch for almost 1,445 kilometres across Tanzania and Uganda – making it the longest heated crude oil pipeline in the world. The pipeline will disturb sensitive ecosystems…

Insure Climate Justice Demands

We need a just transition and ensure energy access for all. For this to happen, those who currently hold the power must act to keep fossil fuels in the ground and support just climate solutions. We’re demanding the following: 1. An immediate phase out of…

Adani Coal Mine

People across Australia have been fighting for 10 years to stop one of the most devastating mining projects currently being planned on the globe. The Adani coal mine, if it goes ahead, will open up the Galilee basin – one of the biggest untouched coal…

Trans Mountain Tar Sands Pipeline

The Trans Mountain pipeline and its expansion have been fiercely opposed for years by people globally. Its environmental risks are monumental. The pipeline carries crude and refined oil through so-called Canada; from Alberta to the coast of British Columbia, and the proposed expansion would carry…

ACTIONS & NEWS

Global Week of Action: Putting Insurance Industry in the Hot Seat

The insurance industry found itself in the spotlight last week as a Global Week of Action blossomed across the world. From February 27th to March 3rd 2024, a wave of protests, both online and in the streets, swept through the doors of insurance giants, demanding accountability over their support for polluters and decisive action on climate change.

Protesters walk with banner reading 'Insure Our Futures Not Polluters'

Success: Yet another major insurer rules out coal and oil projects

After a week of peaceful protest around the world, alongside hundreds of groups, our efforts have paid off. Yet another leading insurance company, Probitas, has ruled out insuring the proposed West Cumbria coal mine and the East African Crude Oil Pipeline (EACOP).

✌🏿Victory!✌🏼 Leading Global Insurers Rule Out East African Crude Oil Pipeline

After months of campaigning, five more major insurance companies have announced they will not support the East African Crude Oil Pipeline (EACOP)!

Protesters occupy the offices of City Of London insurers demanding they rule out backing for climate-wrecking projects

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). 

Lloyd’s of London Insurer Probitas Exits Controversial Adani Coal Mine

Following a week of protests, Cincinnati Global’s syndicate at Lloyd’s confirmed that it will not insure the East Africa Crude Oil Pipeline, which has been the subject of international protests.

EACOP: Lloyd’s Cincinnati rule out pipeline while Talbot stays silent in response to protests

Following a week of protests, Cincinnati Global’s syndicate at Lloyd’s confirmed that it will not insure the East Africa Crude Oil Pipeline, which has been the subject of international protests.

EACOP Week of Action targets Lloyd’s Insurers Talbot & Cincinnati

Activists from the StopEACOP Coalition held an ‘oil spill’ demonstration outside the offices of Lloyd’s of London insurers, Talbot & Cincinnati Global Underwriting, to demand they rule out the controversial East Africa Crude Oil Pipeline.

Tell Probitas: Break up with Adani

Activists delivered thousands of messages from people around the world to all three of Probitas 1492’s UK offices, with the message: “Probitas, break up with Adani.” Find out how you can take action to cut of this toxic project’s insurance.

Activists promise New Year Protests to insurance industry as Canopius rule out EACOP

Four insurers ruled out EACOP in the past two weeks due to pressure from activists and engagement with campaigners, with Canopius the latest to distance itself from the mega-pipeline.

ACTION: Tell Staff at Lloyd’s of London Insurers to Rule Out EACOP

We need all insurance companies to rule out EACOP, and stop the toxic pipeline at its source. Next, we want Canopius Group, and Chaucer insurance to rule it out, and we know that constant pressure works.

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