The Gwich’in Steering Committee (GSC) released an update to its scorecard that tracks global insurance companies’ policy on fossil fuel development in the Coastal Plain of the Arctic National Wildlife Refuge.
Since the initial release of the scorecard in August 2021, six additional “gold medal” companies have been added for a total of 12 international insurers with commitments that clearly articulate not insuring new oil and gas projects in the Refuge. MAPFRE (Spain), Talanx Group (Germany), SCOR (France), and Zurich (Switzerland) joined early responders AXIS (Bermuda), AXA (France), Hannover Re (Germany), Munich Re (Germany), Swiss Re (Switzerland), and Generali (Italy). Both Suncorp (Australia) and KBC (Belgium) now have policies that preclude all oil and gas projects.
Additionally, AIG became the first U.S. company placed in the rankings, with their new climate related policy limiting fossil fuel development in the Arctic. GSC has queried AIG to confirm that their definition of the Arctic includes the Refuge. Other major insurers such as Lloyd’s of London, Tokio Marine, Travelers, Chubb, and Liberty Mutual failed to rank on the scorecard.
