2023 Scorecard on Insurance: Fifty Years of Climate Failure

Reports

9 November 2023

50 years after first warning of climate risks, insurers have been caught out by the effects of their inaction. This is revealed by the Insure our Future coalition in its new annual “Insurance Scorecard” report, which ranks the fossil fuel policies of 30 of the world’s largest (re)insurers.

According to this new report, 24 of the 30 players analyzed have a coal policy and 22 an oil and gas policy, 4 more than last year. However, only 10 (re)insurers have made a specific commitment not to cover any new oil and gas fields.

This year, the Insurance Scorecard podium is left empty, symbolizing insurers’ inability to respond adequately to the climate emergency.

Positioning of the two French (re)insurers analyzed by the Insurance Scorecard

  • France’s AXA has been overtaken by three of its European competitors compared with last year, and is now in 8th place.
  • Reinsurer SCOR comes in 13th.

While both (re)insurers AXA and SCOR have announced this year that they will no longer cover new gas fields, in addition to their 2022 commitments, they retain an exception for projects by companies deemed to be “in transition” according to certain criteria.

Reclaim Finance calls on (re)insurers, including France’s AXA and SCOR, to close the door without exception to new oil and gas projects, including new liquefied natural gas terminals.

Read the report