Insurers and reinsurers divest from the coal industry, but what about oil and gas?

The Insure Our Future report, produced by 26 organizations from 14 countries, documents the commitment of 30 leading insurers and reinsurers in the fight against carbon dioxide (CO2) emissions.

According to the report, since 2017, 35 stakeholders have divested from the coal business, representing 54.5% of the reinsurance market and 14.3% of the insurance market. However, fewer than 15 major industry players are restricting themselves when it comes to oil and gas.

So far, only Axa, Generali and Suncorp have decided to stop underwriting some or all new oil and gas production projects. On the reinsurance side, only Swiss Re and Munich Re have taken steps to gradually phase out investments in this type of fossil fuel.