The inconsistency of insurance groups in the face of fossil expansion

The report highlights a policy gap in the operations of Allianz, Aviva, AXA, and Generali, noting that while these firms have pledged net zero emissions by 2050 and agreed to stop underwriting new oil and gas fields, they continue to provide capital to fossil fuel developers through bond purchases and asset management subsidiaries. It further criticizes these insurers for voting in favor of inadequate climate plans and executive remuneration at annual general meetings of oil and gas companies.

• Major European insurers Allianz, Aviva, AXA, and Generali have committed to net zero emissions by 2050 and have pledged to stop providing insurance cover for new oil and gas fields, aligning with the International Energy Agency's (IEA) net zero emissions scenario which projects a halt to new approved fields after 2021.
• Despite their underwriting policies, these insurance groups and their asset management subsidiaries—including Allianz Global Investors (AGI), Aviva Investors, AXA Investment Managers (AXA IM), Generali Investments, and PIMCO—continue to invest in companies developing new oil and gas fields by purchasing new bonds from developers such as TotalEnergies, BP, and Eni.
• The asset management subsidiaries of these insurers demonstrated inconsistent behavior at 2023 annual general meetings by supporting the climate plans of fossil fuel developers. Specifically, Allianz Global Investors and Aviva Investors voted in favor of 'Say on Climate' resolutions for TotalEnergies and Shell.
• Insurers are accused of prioritizing capital returns over the energy transition by approving high dividends and supporting the re-election and remuneration of executives responsible for fossil fuel expansion strategies.

APA

Martin, L. (2024). The inconsistency of insurance groups in the face of fossil expansion. Reclaim Finance. https://reclaimfinance.org/site/en/2024/03/14/the-inconsistency-of-insurance-groups-in-the-face-of-fossil-expansion/

Chicago

Martin, Léo. The inconsistency of insurance groups in the face of fossil expansion. Reclaim Finance, 2024. https://reclaimfinance.org/site/en/2024/03/14/the-inconsistency-of-insurance-groups-in-the-face-of-fossil-expansion/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=The inconsistency of insurance groups in the face of fossil expansion |publisher=Reclaim Finance |date=14 March 2024 |url=https://reclaimfinance.org/site/en/2024/03/14/the-inconsistency-of-insurance-groups-in-the-face-of-fossil-expansion/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2024inconsistency, author = {Martin, Léo}, title = {{The inconsistency of insurance groups in the face of fossil expansion}}, publisher = {Reclaim Finance}, year = {2024}, month = mar, url = {https://reclaimfinance.org/site/en/2024/03/14/the-inconsistency-of-insurance-groups-in-the-face-of-fossil-expansion/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }