‘Insure Our Future’ Pressures Lloyd’s to ‘Immediately Stop’ Insuring Fossil Fuel Projects

Insure our Future, the anti-fossil-fuel campaign group, is pressuring Lloyd’s to immediately stop insuring coal and new oil and gas projects that exacerbate climate change.

The group has launched a website, which is aimed at “concerned staff at Lloyd’s … who are encouraged to speak up to help Lloyd’s transform from a laggard to a climate leader.”

The website details examples of projects known to be insured at Lloyd’s, which are not compatible with achieving the goals of the Paris agreement. These projects include the Adani Carmichael coal mine in Australia, Canada’s Trans Mountain tar sands pipeline, coal mining in Poland and exploratory oil drilling in The Bahamas, said Insure Our Future.

Lloyd’s did not respond to a request for comment.

In December 2020, Lloyd’s published an Environmental, Social and Governance (ESG) report – its first – in which it committed to ask Lloyd’s managing agents to phase out new insurance cover for thermal coal-fired power plants, thermal coal mines, oil sands or new Arctic energy exploration activities from Jan. 1, 2022. However, the target date for phasing out the renewal of existing insurance cover for coal and oil sands facilities and activities is Jan. 1, 2030.

The Insure-Our-Future website, said Lloyd’s ESG policy “falls far short.” The group would like immediate action in order to prevent a “climate catastrophe.”

“Lloyd’s ESG policy allows members to acquire new business in polluting sectors during 2021, and then continue providing cover for those dirty projects until 2030,” said the website.

“More responsible insurers have already dropped coverage of coal, tar sands and Arctic energy due to the unacceptable climate impact. Lloyd’s should commit to no new and no renewal of coal, tar sands and Arctic energy insurance in 2021,” it continued.

“Bruce Carnegie-Brown, the chairman of Lloyd’s Council, has the responsibility to set fossil fuel exit policies for the Lloyd’s market that align with the Paris Agreement,” according to Lindsay Keenan, European Campaigner, Insure Our Future, in a statement.

“He has not done so. Instead, Lloyd’s continues to tout its weak ESG policy while supporting fossil fuel projects that more responsible insurers have dropped due to their climate impact. Carnegie-Brown needs to step up and show real leadership on Lloyd’s climate policy,” Keenan continued.

Insure Our Future calls on Lloyd’s to improve its ESG policy by doing the following in 2021:

1. No new insurance of coal, tar sands and Arctic energy projects.
2. No renewals of insurance for existing coal, tar sands and Arctic energy projects.
3. No new insurance for oil and gas exploration or production.
4. Start to phase out existing oil and gas insurance in line with a 1.5ºC pathway
5. Divest from all fossil fuels.

The Insure Our Future (originally called “Unfriend Coal”) network is a global coalition of non-governmental organizations and social movements, which is pressuring insurance companies to get out of the coal, oil and gas business and support the transition to clean energy.

Photograph: Steam and exhaust rise from the RWE Weisweiler coal-fired power station on Feb. 11, 2021 near Inden, Germany. Photo credit: Lukas Schulze/Getty Images.

Related:

• Canada’s Trans Mountain Pipeline Wants to Keep Insurers Secret from Project Protestors
• Lloyd’s Insurer Brit to Stop Insuring Australia’s Adani Coal Mine
• Zurich Insurance Decides Not to Renew Cover for Canada’s Trans Mountain Oil Pipeline
• Insurers Distance Themselves from Disputed Australia Coal Project as Backlash Grows
• Insurers Zurich and Chubb Raise Cover for Canada Oil Sands Pipeline: Filings
• Are Employees Pushing Insurers to Shun Coal in Climate Change Movement?
• Insurers Pressured to Drop Coverage of Canada’s Oil Sands Pipeline

Topics Trends Excess Surplus Energy Lloyd's Oil Gas