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With new coal uninsurable, insurers start to move on oil and gas

With new coal uninsurable, insurers start to move on oil and gas

62% of reinsurers now have coal exit policies and 38% have oil and gas exclusions as shift away from fossil…

Exposed: Insurers of Ichthys LNG – one of world’s biggest gas projects

Exposed: Insurers of Ichthys LNG – one of world’s biggest gas projects

Will major insurers rule out support for Ichthys LNG’s expansion? One month before COP27, Reclaim Finance calls on global insurers…

Mother's Rise Up cricket action targeting Lloyd's of London Chairman Bruce Carnegie-Brown

Mums climate action at England-India cricket match: Chair of Lords & Lloyd’s told ‘fossil fuels are just not cricket’

A group of mums unfurled a huge banner at today’s England – India cricket match challenging Bruce Carnegie-Brown, Chair of…

Baden-Baden 2022: Time for reinsurers to stop fueling climate catastrophes and start accelerating the clean energy transition

Baden-Baden 2022: Time for reinsurers to stop fueling climate catastrophes and start accelerating the clean energy transition

From 23-26 October, underwriters and brokers from the global reinsurance industry will meet at the annual Baden-Baden reinsurance meeting in…

People from across the globe are coming together to demand #MarshDropEACOP

People from across the globe are coming together to demand #MarshDropEACOP

In May 2022, an investigative news article revealed that Marsh, the world’s biggest insurance broker, is approaching insurers and trying…

Mothers create song and dance extravaganza outside Lloyd’s of London to urge the insurer to stop harming children’s futures

Mothers create song and dance extravaganza outside Lloyd’s of London to urge the insurer to stop harming children’s futures

Mothers created a song and dance extravaganza outside Lloyd’s of London HQ today (Monday 13 June 2022) to urge the…

Exposed: The Coal Insurers of Last Resort

Exposed: The Coal Insurers of Last Resort

Insurance contracts obtained by the Insure Our Future campaign show how utilities are struggling to find companies to underwrite new…

Utilities struggle to insure new coal power, contracts reveal

Utilities struggle to insure new coal power, contracts reveal

Inexperienced insurers now underwriting operating coal plants as mainstream companies increasingly exit market Utilities are struggling to find insurance to build…

Lloyd’s syndicate rules out coverage for the Trans Mountain Pipeline

Lloyd’s syndicate rules out coverage for the Trans Mountain Pipeline

Lloyd’s syndicate member Cincinnati Global is now 15th insurer to commit to not insure or reinsure the existing Trans Mountain pipeline or expansion project.
Lloyd’s of London’s climate roadmap falls short

Lloyd’s of London’s climate roadmap falls short

Lloyd's of London released its climate action roadmap. While it includes some welcome steps, Lloyd's falls short of tackling its role in the climate crisis.
Parents make Father’s Day appeal for Lloyd’s to stop insuring fossil fuels

Parents make Father’s Day appeal for Lloyd’s to stop insuring fossil fuels

Mums, dads and children made a Father’s Day appeal to Lloyd’s of London Chairman, Bruce Carnegie-Brown, to stop insuring fossil fuels at a protest outside the companies’ London headquarters.
Lloyd’s insurer Argo Group commits to cut ties with Trans Mountain Pipeline

Lloyd’s insurer Argo Group commits to cut ties with Trans Mountain Pipeline

Lloyd’s syndicate member Argo joins more than 10 other insurers that will not insure Trans Mountain, citing no “risk appetite”…

Climate campaigners protest AIG, Lloyd’s of London and Tokio Marine as coal insurers of last resort

Climate campaigners protest AIG, Lloyd’s of London and Tokio Marine as coal insurers of last resort

Today, climate campaigners from across the world call on insurance giants AIG, Lloyd’s of London and Tokio Marine to immediately…

Canadian Energy Regulator approves Trans Mountain’s request to keep insurers’ secret

Canadian Energy Regulator approves Trans Mountain’s request to keep insurers’ secret

Coalition Denounces Decision, Pledges to Ramp Up Pressure on Remaining Insurers to Cut Ties with Trans Mountain Today, the Canada…

Ten largest Lloyd’s insurers rule out underwriting Adani’s coal as Tokio Marine Kiln commits to not participate in ‘any future underwriting’

Ten largest Lloyd’s insurers rule out underwriting Adani’s coal as Tokio Marine Kiln commits to not participate in ‘any future underwriting’

Lloyd’s of London insurance syndicate Tokio Marine Kiln (TMK) has publicly committed to not participate in ‘any future underwriting’ of Adani.
Campaigners call on Lloyd’s of London to immediately stop insuring the world’s worst fossil fuels projects

Campaigners call on Lloyd’s of London to immediately stop insuring the world’s worst fossil fuels projects

The Insure our Future network launches website calling on Lloyd's of London to immediately stop insuring coal and new oil and gas projects.
Campaign groups demand Lloyd’s stop insuring offshore oil drilling in The Bahamas

Campaign groups demand Lloyd’s stop insuring offshore oil drilling in The Bahamas

Over 30 climate campaigners wrote to Lloyd’s demanding that it end support for the Bahamas Petroleum Company to conduct an offshore oil drilling scheme in the Bahamas.
Why insurers should not support gas infrastructure, starting with LNG

Why insurers should not support gas infrastructure, starting with LNG

Urgewald released a report highlighting the European insurance industry’s role in supporting gas infrastructure.
Lloyd’s insurer Brit commits to never insure Adani

Lloyd’s insurer Brit commits to never insure Adani

Lloyd’s syndicate Brit committed to never directly insure the Carmichael Coal Project and to not renew insurance.
Lloyd’s ESG policy is small step, but they must drop all coal and new oil & gas, now

Lloyd’s ESG policy is small step, but they must drop all coal and new oil & gas, now

Lloyd's ESG policy is a small step in the right direction, but highlights that more ambitious and urgent action is needed.

Insuring the unacceptable

Lloyd’s is insuring some of the world’s worst fossil fuel projects that other insurers have dropped or refused to cover due to their climate impact. Stark examples of projects and companies that Lloyd’s should immediately prohibit all members of its market from renewing insurance for include: the Adani Carmichael coal mine in Australia, the Trans Mountain tar sands pipeline in Canada, the Rosebank Oil Field in the UK, Ichthys LNG in Austraila and the East African Crude Oil Pipeline – EACOP.

Lloyd’s should make a clear public commitment that its members will not renew insurance for these climate destroying projects when they come up for renewal in 2021.

Canada

Trans Mountain Pipeline – TMX

Status: Construction

Project: Tar sands pipeline extension (1,150km)

Purpose: Boosting oil sands transportation from 300,000 boe/d to around 900,000 boe/d between Edmonton (Alberta) and Burnaby (British Columbia).

Environmental impacts:
More than 80 oil spills were reported within the period 1961 to 2016.

Social impacts: Free Prior and Informed Consent (FPIC) of Indigenous communities has not been secured.

Controversy level: Very high due to civil society’s opposition.

Lloyd’s of London’s involvement: Lloyd’s underwriters have been involved for years in this project at least from 2014 to 2020. Since the insurance contract renewal of August 2020, Trans Mountain has been allowed to hide its insurers by the Canada Energy Regulator (CER)

6 managing agents that ruled out TMX:
Argenta Syndicate Management, Argo Managing Agency, AXA XL Underwriting Agencies, AXIS Managing Agency, Munich Re Syndicate, QBE Underwriting.

14 managing agents that need to rule out TMX:
This list includes Beazley Furlonge, Brit Syndicates, Chaucer Syndicates, Hiscox Syndicates, Liberty Managing Agency, MS Amlin, Talbot Underwriting, Tokio Marine Kiln Syndicates, and the others not mentioned above.

Last updated May 18, 2023

United Kingdom

Rosebank Oil Field

Status: In development

Project: UK’s biggest undeveloped oil and gas field with a total of nearly 500 million barrels of oil equivalent (mmboe).

Purpose: Allowing the extraction of the 500m barrels of oil and gas, over 1 km deep off the Shetland coast in the North Atlantic – majority of Rosebank’s oil will be put in tankers and exported for refining overseas.

Environmental impacts:

  • Over 200 million tonnes of CO2 – the climate pollution from Rosebank’s reserves would be more than the combined annual CO2 emissions of all 28 low-income countries in the world, including Uganda, Ethiopia and Mozambique.
  • Potential threat to protected species including the whale dolphin and seabirds, as well as having a possible impact on commercial significant species of fish, such as haddock.
  • An oil spill from Rosebank’s operations could be devastating for marine ecosystems in the waters of the UK and neighbouring countries.

Social impacts: The UK public would carry almost all the costs (91%) of developing Rosebank. Due to the UK government’s oil and gas subsidies, the UK public would hand over £3.75 billion in tax breaks to Equinor just to develop the field. Overall, the public purse could lose more than £100 million on its ‘investment’ if Rosebank goes ahead, while Equinor and its partners take the profit.

Controversy level: Very high due to local and international opposition.

Lloyd’s of London’s involvement: Lloyd’s and many Lloyd’s managing agents are named as insurers of numerous oil companies operating in the North Sea. Lloyd’s has refused to comment on its involvement nor on specific projects, such as Rosebank.

Discover more from the StopCambo campaign or read this factsheet.

Australia

Ichthys LNG

Status: Operating

Project: One of the world’s biggest gas projects gathering extra large infrastructure, such as the world’s largest semi-submersible production platform and the longest subsea pipeline of the southern hemisphere (890km).

Purpose: Exporting around 9 mtpa of LNG (roughly 10% of Australia’s annual LNG exports).

Environmental impacts:

  • Crosses a protected marine national park.
  • One of the most carbon-intensive LNG projects in Australia due to high levels of gas flaring.

Social impacts: Not yet documented.

Controversy level: High due to local opposition to new or expanded gas projects in Australia (Barossa gas field, Scarborough gas field, etc.).

Lloyd’s of London’s involvement: Five managing agents of Lloyd’s were involved in the project insurance policy of the onshore Ichthys LNG plant between 2012 and 2017. Navigators Underwriting Agency Limited and AmTrust Syndicates in addition to three managing agents, assessed in the report.

Read Reclaim Finance’s report on Ichthys.

3 managing agents involved in Ichthys LNG:
Beazley Furlonge, Canopius Managing Agents and Talbot Underwriting. AmTrust Syndicates, which merged with Canopius in 2019, was also involved.

Last updated May 18, 2023

Uganda - Tanzania

East African Crude Oil Pipeline – EACOP

Status: Construction

Project: Heated crude oil pipeline (1,440km, the world’s longest heated pipeline.)

Purpose: Allowing more than 200,000 boe/d to flow from the Tilenga and Kingfisher oil fields neighbouring Lake Albert in Uganda to the Indian Ocean in Tanzania.

Environmental impacts:

  • The pipeline will pass next to the Lake Victoria, Africa’s largest lake, that more than 40 million people depend on for water and food production.
  • It will cross more than 200 rivers and run through thousands of farms.

Social impacts: In total, this project will require the displacement of roughly 118,000 people
along the pipeline’s route, primarily farming communities who live off their land.

Controversy level: Very high due to local and international opposition.

Lloyd’s of London’s involvement: Leading (re)insurers, including Munich Re, Allianz and Hannover Re have ruled out insuring the EACOP due to the serious environmental, social and governance impacts, many of which are inherent to the project. However Lloyd’s has so far refused to comment.

Find out more from the StopEACOP campaign.

9 managing agents that ruled out EACOP: 
Aegis Managing Agency, Argo Managing Agency, Argenta Syndicate Management, AXA XL Underwriting Agencies, AXIS Managing Agency, Beazley Furlonge, Canopius Managing Agents, QBE Underwriting, Munich Re Syndicate.

11 managing agents that need to rule out EACOP: 
Brit Syndicates, Chaucer Syndicates, Hiscox Syndicates, Liberty Managing Agency, MS Amlin, Talbot Underwriting, Tokio Marine Kiln Syndicates, and the others not mentioned above.

Last updated May 18, 2023

Australia

Adani Carmichael Coal Mine

Status: Construction

Project: One of the largest coal mines in Australia, which could produce 60 mtpa (million tons per annum) of coal at peak production.

Purpose: Extracting 2.3 billion tons of coal for export to Asia (mainly India).

Environmental impacts:

  • The Adani Carmichael mine is known as a carbon bomb and could emit up to 2 billion tons of CO2 during its lifespan.
  • Adani’s Abbot Point coal port is nestled between ecologically significant wetlands, sacred Juru traditional sites, and the Great Barrier Reef World Heritage Area.

Social impacts: Free Prior and Informed Consent (FPIC) of Indigenous communities has not been secured.

Controversy level: Very high due to local and international opposition.

Lloyd’s of London’s involvement: The Lloyd’s insurance market has been involved in providing insurance for the Carmichael coal project since 2019. Probitas has been named as insurer of the Carmichael rail line, coal haulage operation

14 managing agents who ruled out the Carmichael project 
Argenta Syndicate Management, Argo Managing Agency, Ascot Underwriting, AXA XL Underwriting Agencies, AXIS Managing Agency, Beazley Furlonge, Brit Syndicates, Canopius Managing Agents, Hiscox Syndicates, Liberty Managing Agency, MS Amlin, Munich Re Syndicate, QBE Underwriting, Tokio Marine Kiln Syndicates.

6 managing agents who did not rule out the Carmichael project
This list includes Aegis Managing Agency, Talbot Underwriting, Chaucer Syndicates, and the others not mentioned above.

Last updated May 18, 2023

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