Allianz pledges not to insure the East African Crude Oil Pipeline (EACOP)

The #StopEACOP campaign coordinator, Omar Elmawi, announced that Allianz decided not to cover the East African Crude Oil Pipeline (EACOP). Six other insurers and reinsurers (AXA, Hannover Re, Munich Re, Zurich, SCOR and Swiss Re) have already committed not to provide direct insurance and reinsurance support to the project.

The EACOP project will be the world's largest heated pipeline for the transportation of crude oil. It will link the Ugandan oil fields to the port of Tanga in Tanzania. The construction of the pipeline by Total and China National Offshore Oil Corporation presents a major environmental risk. It requires extensive displacement of local communities and wildlife along the pipeline route.

Note that some insurers such as AEGIS London, AIG, Aspen, Beazley, Chaucer, Chubb, Liberty Mutual and Lloyd's have supported the project by offering insurance coverage.