The 20th of April, Reclaim Finance sent a letter to Laurent Rousseau, new Chief Executive Officer of SCOR, calling him to stop insurance and reinsurance covers enabling oil & gas expansion. In the last few months, several of SCOR’s competitors – Allianz, Hannover Re, Swiss Re – committed to restrict their insurance activities for oil and gas expansion. SCOR, is now the only one among the 12 biggest European insurers and reinsurers with no insurance exclusion policy on oil and gas. Oil and gas combustion accounts for more than half of CO2 emissions (55% according to the International Energy Agency (IEA) (1)). and are directly accountable for the current climate crisis and intensification of extreme events (2) threatening livelihoods and ecosystems. SCOR, as both an insurer and reinsurer, is on the front line to face these risks. On May 18th, Laurent Rousseau will be holding his first Annual General Meeting as SCOR’s CEO This is a crucial opportunity for the reinsurer to announce ambitious restrictions on oil and gas. It’s time for SCOR to insure our future instead of oil & gas expansion.
Letter to Laurent Rousseau, Chief Executive Officer of SCOR.
During the last SCOR’s Annual General Meeting in 2021, Laurent Rousseau was promoted at the head of the 4th biggest reinsurer in the world. Shortly after his promotion, he committed to “accelerate the race to net zero emission” and “strengthening the SCOR long term journey towards protecting people and society all over the world”. While he is close to end his first year at the head of SCOR, we call for Laurent Rousseau to strengthen the climate policy of SCOR, by committing to no longer underwrite new oil and gas projects, not in line with the climate imperatives and repeated scientific warnings.