Fighting fossil fuel expansion: the underestimated role of publicly-backed reinsurers

The document highlights a commitment by the Caisse Centrale de Réassurance (CCR) in June 2026 to cease new investments in companies developing new oil and gas projects. It argues that this is a necessary preventive measure to avoid financing the drivers of global warming, which in turn increases the climate risks these entities underwrite. Reclaim Finance calls on other European public-private schemes—specifically Flood Re (UK), Consorcio de Compensacion de Seguros (CCS, Spain), and SACE (Italy)—to adopt similar investment policies and use their leverage with asset managers and insurance clients to combat fossil fuel expansion.

• In June 2026, the Caisse Centrale de Réassurance (CCR) became the only publicly backed reinsurer in Europe to commit to stopping new investments in companies developing new oil and gas projects.
• Publicly-backed reinsurers hold significant financial asset portfolios dominated by bonds, which creates a risk that premiums are invested in companies driving the climate risks they are meant to mitigate. The portfolios of the four discussed players are: CCR (€11.4bn, 69% bonds), CCS (€10.4bn, 78.8% bonds), SACE (€2.9bn, 96.8% bonds), and Flood Re (€1.2bn, 89% bonds).
• The International Energy Agency's (IEA) Net Zero Emissions by 2050 Scenario (NZE) requires drastic production cuts by 2050 compared to current levels: coal (-92%), oil (-78%), and gas (-75%), and an immediate end to new coal mines, coal-fired plants, and oil and gas fields approved after 2021.
• Publicly-backed reinsurers are urged to use additional levers beyond direct investment, such as requiring asset managers to align their policies on fossil fuel expansion and introducing eligibility conditions into reinsurance treaties with insurance clients.

APA

Manickawasagar, A. (2026). Fighting fossil fuel expansion: the underestimated role of publicly-backed reinsurers. Reclaim Finance. https://reclaimfinance.org/site/en/2026/09/16/fighting-fossil-fuel-expansion-the-underestimated-role-of-publicly-backed-reinsurers/

Chicago

Manickawasagar, Aatiraï. Fighting fossil fuel expansion: the underestimated role of publicly-backed reinsurers. Reclaim Finance, 2026. https://reclaimfinance.org/site/en/2026/09/16/fighting-fossil-fuel-expansion-the-underestimated-role-of-publicly-backed-reinsurers/.

Wikipedia

{{cite press release |last1=Manickawasagar |first1=Aatiraï |title=Fighting fossil fuel expansion: the underestimated role of publicly-backed reinsurers |publisher=Reclaim Finance |date=16 September 2026 |url=https://reclaimfinance.org/site/en/2026/09/16/fighting-fossil-fuel-expansion-the-underestimated-role-of-publicly-backed-reinsurers/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{manickawasagar2026fighting, author = {Manickawasagar, Aatiraï}, title = {{Fighting fossil fuel expansion: the underestimated role of publicly-backed reinsurers}}, publisher = {Reclaim Finance}, year = {2026}, month = sep, url = {https://reclaimfinance.org/site/en/2026/09/16/fighting-fossil-fuel-expansion-the-underestimated-role-of-publicly-backed-reinsurers/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }