2022 SCORECARD ON Insurance, Fossil Fuels and the Climate Emergency

The 2022 Scorecard finds that while insurance for new coal power plants outside China has largely dried up, the industry is only beginning to shift away from oil and gas. Most of the 30 assessed insurers scored poorly on oil and gas policies (1.1/10) compared to coal (3.3/10). The report identifies Allianz as a leader in underwriting policies and SCOR as a leader in divestment, while naming Berkshire Hathaway, Everest Re, PICC, Sinosure, and Starr as laggards. It also criticizes the Net-Zero Insurance Alliance (NZIA) for failing to comply with UN Race to Zero requirements to phase out unabated fossil fuels.

• Insurance for new coal power plants outside China has become nearly impossible to obtain, with 41 insurers now having coal exit policies. This represents 39.3% of the primary insurance market and 62.1% of the reinsurance market.
• The transition away from oil and gas is significantly slower than the shift from coal. Only 13 insurers have adopted restrictions on conventional oil and gas, and the average score for oil and gas underwriting policies among the 30 assessed companies was only 1.1 out of 10, compared to 3.3 for coal.
• Allianz is ranked as the insurer with the strongest fossil fuel underwriting policies, while SCOR is ranked highest for its fossil fuel divestment policy.
• Several major insurers are identified as 'laggards' for taking no steps to restrict underwriting or investments in fossil fuels, specifically Berkshire Hathaway, Everest Re, PICC, Sinosure, and Starr.
• The Net-Zero Insurance Alliance (NZIA) has explicitly refused to comply with the UN Race to Zero mandate that members must phase down and out all unabated fossil fuels.
• The report argues that CEOs have a direct personal influence on company policies, noting that younger CEOs (such as those at AXA, Swiss Re, and Allianz) have driven more progress than older veterans (such as those at Starr and Berkshire Hathaway).
• AXIS Capital is the first insurer to adopt an explicit policy refusing insurance coverage for projects on indigenous territories without Free Prior Informed Consent (FPIC).
• The report highlights specific high-risk projects still receiving or seeking insurance support, including the East African Crude Oil Pipeline (EACOP) via broker Marsh, the Trans Mountain pipeline expansion in Canada, and oil exploration blocks in the Democratic Republic of Congo.

APA

Reclaim Finance (2022). 2022 SCORECARD ON Insurance, Fossil Fuels and the Climate Emergency. https://reclaimfinance.org/site/wp-content/uploads/2022/10/2022.10.19_IoF_Report_2022_Scorecard_Insurance.pdf

Chicago

Reclaim Finance. 2022 SCORECARD ON Insurance, Fossil Fuels and the Climate Emergency. 2022. https://reclaimfinance.org/site/wp-content/uploads/2022/10/2022.10.19_IoF_Report_2022_Scorecard_Insurance.pdf.

Wikipedia

{{cite report |author=Reclaim Finance |title=2022 SCORECARD ON Insurance, Fossil Fuels and the Climate Emergency |date=October 2022 |url=https://reclaimfinance.org/site/wp-content/uploads/2022/10/2022.10.19_IoF_Report_2022_Scorecard_Insurance.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{reclaimfinance20222022, author = {{Reclaim Finance}}, title = {{2022 SCORECARD ON Insurance, Fossil Fuels and the Climate Emergency}}, institution = {Reclaim Finance}, year = {2022}, month = oct, url = {https://reclaimfinance.org/site/wp-content/uploads/2022/10/2022.10.19_IoF_Report_2022_Scorecard_Insurance.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }