{"id":3484,"date":"2019-11-26T12:44:42","date_gmt":"2019-11-26T11:44:42","guid":{"rendered":"https:\/\/clients.rubystudio.dk\/insureourfuture\/global\/?p=3484"},"modified":"2019-11-26T12:44:42","modified_gmt":"2019-11-26T11:44:42","slug":"2019-scorecard","status":"publish","type":"post","link":"https:\/\/japan.insure-our-future.com\/en\/2019\/11\/26\/2019-scorecard\/","title":{"rendered":"2019 Scorecard on Insurance, Coal and Climate Change"},"content":{"rendered":"

46% of reinsurance market and 37% of industry\u2019s global assets covered by coal exit policies. The number of insurers withdrawing cover for coal has more than doubled in 2019 as the industry\u2019s retreat from the sector accelerates and spreads beyond Europe, the Unfriend Coal campaign reveals today in its third annual scorecard on insurance, coal and climate change.<\/p>\n

Insuring Coal No More: The 2019 Scorecard on Insurance, Coal and Climate Change<\/i><\/a>\u00a0is published by 13 civil society organisations from 10 countries. It will be launched to an industry audience at the\u00a0Insurance and Climate Risk<\/a>\u00a0conference in London, as the UN Climate Summit commences in Madrid.<\/p>\n

\"\"<\/a><\/p>\n

Coal exit policies have been announced by 17 of the world\u2019s biggest insurers controlling 46.4% of the reinsurance market and 9.5% of the primary insurance market.\u00a0Most refuse to insure new mines and power plants, while industry leaders have ended cover for existing coal projects and the companies that operate them, and adopted similar policies for tar sands.<\/p>\n

Insurers have also divested coal from roughly $8.9 trillion of investments \u2013 over one-third (37%) of the industry\u2019s global assets. To date, at least 35 companies have taken action, up from 15 companies with $4 trillion assets under management in 2017 and 19 with $6 trillion in 2018.<\/p>\n

Nearly 1,000 planned new coal plants will undermine international climate targets<\/b><\/h3>\n

The UN\u2019s Intergovernmental Panel on Climate Change has warned that warming beyond 1.5\u00b0C will have devastating environmental, social and economic impacts.\u00a0Yet in July 2019, 2,459 coal plants with a combined capacity of 2,027 gigawatts were in operation, and another 980 with a combined capacity of 925 gigawatts were planned or under construction.<\/p>\n

The scorecard ranks 30 leading insurers on their action on coal and climate change, assessing and scoring their polices on underwriting, divestment and other aspects of climate leadership. It is based on responses to a survey from 24 of these companies and on publicly available information.<\/p>\n

Coal projects suffer as insurance market shrinks<\/b><\/h3>\n

\"\"<\/p>\n

Insurer action on coal is causing tangible impact; insurance brokers report that the cost of insuring coal is increasing as the market shrinks. In September 2019, UK broker Willis Towers Watson described an \u201cincreasing and worrying trend for insurers to withdraw from what they consider to be environmentally unfriendly industries such as coal\u201d, warning that this trend \u201cleaves very few primary markets for coal miners to turn to\u201d.<\/p>\n

Several coal companies have confirmed that a shrinking insurance market is affecting their operations. In Australia, the Adani Group is struggling to find insurance to develop the huge Carmichael mine, which would produce 4.6 billion tonnes of carbon dioxide over its lifetime. At least 16 international insurers have ruled out underwriting the project.<\/p>\n

The full scoring information for the 30 insurance companies is\u00a0available here<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

46% of reinsurance market and 37% of industry\u2019s global assets covered by coal exit policies. The number of insurers withdrawing cover for coal has more than doubled in 2019 as the industry\u2019s retreat from the sector accelerates and spreads beyond Europe, the Unfriend Coal campaign reveals today in its third annual scorecard on insurance, coal …<\/p>\n","protected":false},"author":2,"featured_media":4857,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[37],"post_country":[],"post_company":[18,17,16,23,15,14,13,10,21,9,25,8,7,45,27,35,19,46,20,47,48,49,51,22,26,50,42,5],"post_project":[],"class_list":["post-3484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\n2019 Scorecard on Insurance, Coal and Climate Change<\/title>\n<meta name=\"description\" content=\"Insure Our Future's 2019 Scorecard finds that iinsurers withdrawing cover from coal projects double in 2019.\" \/>\n<meta name=\"robots\" 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