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Subtitle: 50 Years of Climate Failure: 2023 Scorecard on Insurance, Fossil Fuels and the Climate Emergency
Last November Insure Our Future released its annual scorecard and its Korean version was just published by Korea Sustainability Investing Forum (KoSIF). The 2023 Scorecard on Insurance, Fossil Fuels and the Climate Emergency, scores and ranks the climate policies of 30 major insurers and is published by 22 organisations, including Solutions for Our Climate, from 12 countries. This year, as a symbol of insurers’ failure to adequately respond to the climate emergency, it leaves the first three places in its ranking table empty.
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Executive summary
Fossil Fuel Insurance: Allianz ranks highest for its overall policies followed by Generali, Aviva and Swiss Re.
Coal Insurance: Allianz is the only company to score 10/10. It is followed by AXA, Swiss Re and Generali.
Oil & Gas Insurance: Aviva and Generali have the strongest restrictions, but score just 4.0/10. Only they and German insurers Allianz, Hanover Re, Talanx and Munich Re, ranked 3rd, 4th, 6th and 7th, have ceased insuring new oil and gas production without major exceptions. None of the 30 insurers have ended cover for new gas power plants, and almost none have ended support for a wave of new liquefied fossil gas (LNG) terminals.
The only Korean insurance company to make the list is Samsung Fire&Marine (SFMI), which is one of the best among Korean insurance companies for its fossil fuels restriction policies. However, SFMI this year ranks 22nd for its underwriting policies and 18th for its investment policies, which is very low compared to global peers. Consequently, SFMI has much room to improve its climate management policies and take a lead role in Korea and Asia.
Please find below the English and Korean versions of the scorecards.
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