Europe’s top insurance firms are willing to back the European Commission to achieve its clean ambitions for the future. It is reported that the insurers need a robust push from regulators for the development. The European Commission seeks to fully cut carbon emissions by 2050.
Insurers have received criticism from environmental campaigners for supporting the fossil fuel industry in recent times. Lucie Pinson, founder and executive director of campaign group Reclaim Finance, said at an event that major insurance firms continue to back the fossil fuel segment by insuring them.
She added that some of the policies related to the insurance industry remain complex despite an effort by insurers to curb insurance coverage and investment for the coal industry. According to her, the environmental policies of Llyod still allow new coal plants to receive insurance. The market still has to yet address other segments apart from the coal industry.
MS Lucie Pinson also believes that these European insurers stand among the top insurers who provide insurance to the oil and gas industry: Zurich Insurance, Lloyd’s, AXA SA and Munich Re.
Llyod has mentioned in its 2020 environmental, social and governance report that it held talks with the syndicate to stop insuring thermal coal-fired power plants, thermal coal mines, oil sands and new Arctic energy exploration activities from this year. The insurance segment has been in demand since the outbreak of the pandemic as people sought health insurance and others.