Insurance Scorecard 2024: Cut Emissions Today To Insure Tomorrow

Reports

10 December 2024

Despite an ever-increasing climate bill and the growing risks of an uninsurable world, the major insurers are continuing to feed the fire by supporting the expansion of fossil fuels. This is what the members of the Insure our Future coalition, including Reclaim Finance, find in the latest ‘Insurance Scorecard’ ranking of the climate policies of 30 of the world’s largest (re)insurers.

Key findings:

  • Almost $600 billion or a third of global insured weather losses are attributable to climate change over the last two decades, according to the new report.
  • These losses have consequences for policyholders, who can find themselves unprotected. In France, between 1,000 and 2,000 municipalities saw their premiums skyrocket or their policies cancelled at the beginning of 2024, mainly because of climate risks.
  • Despite these impacts, the major international insurers continue to support the expansion of fossil fuels. While Generali and Zurich have introduced new measures to stop such a support this year, AXA and SCOR‘s commitments have stalled since 2023.
  • The two French insurers have both dropped one place in the overall rankings, to 6th and 11th respectively.
  • Allianz, meanwhile, has lost its leading position to Generali, the first insurer to take measures on new LNG export terminals.

Climate action by (re)insurers is inadequate. Reclaim Finance calls on the European Commission to make ending insurers’ support for fossil fuel expansion an essential criteria in the transition plans to be published next year by insurers under the EU’s CSRD directive.