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Insurance Scorecard 2023
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The Insure Our Future campaign has called on the insurance industry to align its business with the 1.5°C target of the Paris Agreement since 2017. In March 2023, the campaign sent a letter to the 30 leading international fossil fuel insurers asking them to take six steps to align its insurance underwriting and investments with the Paris Agreement. The Insure Our Future campaign shared a questionnaire with the 30 insurers in April and requested a reply by July 28 2023. The questionnaire included 26 questions and 23 sub-questions on the details of insurers’ fossil fuel underwriting and divestment policies. By the end of October 2023, 19 companies had replied. The responses and other publicly available information were analyzed and scored by Reclaim Finance, a research and campaign organization, in collaboration with the Insure Our Future campaign. The questionnaire allowed for a maximum of 40 points for fossil fuel underwriting (45 for reinsurers) and 18 points for divestment policies. Insurers and reinsurers were also assessed on their interim decarbonization targets (7 points). All scores were expressed on a scale of 0-10 (so that 9 out of 18 points for divestment for example were expressed as a score of 5.0 out of 10). Each company received its scores before the report was published.
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Pre-filled by Reclaim Finance before X (except identity section filled by the respondent)Pre-filled by Reclaim FinanceFilled by the respondant between X and July 15Filled by Reclaim Finance after July 15
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N°CategoryQuestionSub-questionAnswerPre-scoreMaximum scoringMain area for progressExcerptSourceComments by (re)insurerFeedback processing
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Identity section
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Financial informationWhat is the amount of commercial non-life GWP generated by your (re)insurance group in 2022 ( in US $M as of December 31, 2022)?
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Total commercial non-life GWP (in US$M)0.0NA
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Of which direct insurance GWP (in US$M)0.0NA
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Of which Facultative reinsurance GWP (in US$M)0.0NA
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Of which Treaty/Obligatory reinsurance GWP (in US$M)0.0NA
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What are the total assets under management (AuM) of your (re)insurance group in 2022 (valuation in US$M as of December 31, 2022)?
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Proprietary assets AuM (in US$M)0.0NA
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Third-party AuM (in US$M)0.0NA
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Part 1 - Underwriting
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Sub-part - Coal
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1.1PolicyDoes the insurance company have a public policy restricting underwriting for coal?2
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The overall policy allows for exceptions that would invalidate the policy (small, medium or big malus)
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1.2No expansionDoes the policy end coverage for new coal projects?4
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Malus - Date of application (is not applied as of January 1, 2023, malus)
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Malus - Some exceptions remain (small, medium or big malus)
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1.3Does the policy end coverage for new clients with development plans in the coal sector? 1
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Malus - Date of application (is not applied as of January 1, 2023, malus)
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Malus - Some exceptions remain (small, medium or big malus)
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1.4Does the policy end coverage for existing customers with development plans in the coal sector? 2
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Malus - Date of application (is not applied as of January 1, 2023, malus)
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Malus - Some exceptions remain (small, medium or big malus)
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1.5Phase outDoes the policy plan a full phase out of insurance coverage of coal by 2030 in Europe/OECD and 2040 worldwide and detail a strategy to get there?3
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1.5.1The policy considers exclusion criteria that will gradually be tightened in order to achieve a full phase out within the specified timeframe (eg: gradually reduce exclusion threshold to 0%)2
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1.5.2The policy calls on remaining companies in the portfolio to adopt a plan by 2023 for closing all coal assets for a full exit by 2030/2040. Sanctions against non-compliant companies are clearly and publicly stated and include exclusion. 1
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Some exceptions remain; such as support for companies planning new coal projects (small, medium or big malus)
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1.6Particular case - Reinsurance treatiesFor (re)insurers with reinsurance activities: does the policy plan for a full phase-out of coal in treaty reinsurance business?2
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Malus - Date of application (is not applied as of January 1, 2023, malus)
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Malus - Some exceptions remain (small, medium or big malus)
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Sub-part Total017
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Sub-part - Oil & Gas
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2.1PolicyDoes the insurance company have a public policy restricting underwriting for oil and gas?2
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The overall policy allows for exceptions that would invalidate the policy (small, medium or big malus)
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2.2No expansionDoes the policy end coverage for new oil and gas projects?7
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Malus - Date of application (is not applied as of January 1, 2023, malus)
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Malus - Some exceptions remain (small, medium or big malus)
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2.3Does the policy end coverage for new clients with upstream expansion plans in the oil and gas sector?2
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Malus - Date of application (is not applied as of January 1, 2023, malus)
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Malus - Some exceptions remain (small, medium or big malus)
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2.4Does the policy end coverage for existing customers with upstream expansion plans in the oil and gas sector?4
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Malus - Date of application (is not applied as of January 1, 2025, malus)
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Malus - Some exceptions remain (small, medium or big malus)
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Does the policy mention the exclusion of new clients and/or existing customers with midstream expansion plans? (e.g companies planning to build new LNG terminals and/or pipelines)Bonus
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Does the policy mention the exclusion of new clients and/or existing customers with downstream expansion plans? (e.g companies planning to build new oil-fired or gas-fired power plants or refineries)Bonus
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2.5Unconventional oil and gas sectorsDoes the policy end coverage for new clients and existing customers active in the following unconventional oil and gas sectors?
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2.5.1Arctic oil and gas: the policy excludes new clients and existing customers because of their activities in this sector (upstream and midstream)1
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2.5.2tar sands: the policy excludes new clients and existing customers because of their activities in this sector (upstream and midstream)1
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2.5.3Other unconventional sectors (fracking and ultra-deep water oil and gas) : the policy excludes new clients and existing customers because of their activities in these sectors (upstream and midstream)1
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Malus - Date of application (is not applied as of January 1, 2023, malus)
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Malus - Some exceptions remain (small, medium or big malus)
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2.6Phase outDoes the policy provide an oil and gas phase out aligned with a 1.5°C pathway?5
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2.6.1The policy demands remaining oil and gas clients within the underwriting portfolio for an oil and gas phase-out plan aligned with a 1.5°C pathway. Sanctions against non-compliant companies are clearly and publicly stated and include exclusion. 2
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Malus ??
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2.7Particular case - Reinsurance treatiesFor (re)insurers with reinsurance activities: does the policy plan for an oil and gas phase out aligned with a 1.5°C pathway in treaty reinsurance business?2
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Malus - Date of application (is not applied as of January 1, 2023, malus)
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Malus - Some exceptions remain (small, medium or big malus)
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2.8Does the policy exclude cover for captive (re)insurers owned by oil and gas companies not aligned with a 1.5°C pathway?1
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Sub-part Total028
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Sub-part - Portfolio decarbonization and engagement
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3.1ScopeGroup-wide policy: Does the policy apply to the (re)insurer subsidiaries doing business at Lloyd's of London?0.5
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3.2Decarbonization targetsDoes the (re)insurer set comprehensive GHG emissions reduction targets for its underwriting portfolios?
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3.2.1Will the (re)insurer define targets for the reduction
of insured emissions (IAEs) by July 31, 2023?		0.5First assessments in July 2023
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3.2.2Does the (re)insurer set decarbonization targets which aims for a reduction of IAEs by at least 43% by 2030 (compared with 2019)? 0.5
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3.2.3Emissions in scope: Will it cover all types of greenhouse gases?0.5
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3.2.4Will the (re)insurer set emission reduction targets for the scope 3 emissions of re/insureds in high-emission sectors and in particular, the oil and gas and power sectors, where data allow?0.5
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3.2.5Business lines in scope : Will the (re)insurer set emission reduction targets for its entire commercial P&C portfolio (rather than for example engagement targets)?0.5
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Consideration of engineering lines related to new fossil fuel projects : Are Construction and Erection All Risks products (CAR and EAR policies) included in the scope of the decarbonization targets? 0.5
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3.3EngagementDoes the (re)insurer, as an insurance company, have a public engagement policy making the following asks to fossil fuel companies?
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3.3.1The policy sets out an escalation process with demands AND sanctions that are time bound and the deadline to comply is publicly disclosed and is no later than 2025
1.5
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3.3.4Does the (re)insurer have a policy stipulating that it will not underwrite new projects without Free, Prior and Informed Consent (FPIC) of impacted Indigenous People?2
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Sub-part Total07
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Total Underwriting052
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Part 2 - Investment
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Sub-part - Coal
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1.1PolicyDoes the insurance company have a public policy restricting investment in coal?2
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The overall policy allows for exceptions that would invalidate the policy (small, medium or big malus)
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1.2No expansionDoes the (re)insurer divest all assets, including assets managed for third parties, from coal companies that are not aligned with a credible 1.5ºC pathway.4
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Malus - Date of application (is not applied as of January 1, 2023, malus)
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Malus - Some exceptions remain (small, medium or big malus)
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Sub-part Total06
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Sub-part - Oil & Gas
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2.1PolicyDoes the insurance company have a public policy restricting investment in the oil and gas sector?2
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The overall policy allows for exceptions that would invalidate the policy (small, medium or big malus)
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2.2No expansionDoes the (re)insurer divest all assets, including assets managed for third parties, from oil and gas companies that are not aligned with a credible 1.5ºC pathway.7
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Malus - Date of application (is not applied as of January 1, 2024, malus)
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Malus - Some exceptions remain (small, medium or big malus)
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2.3.1Unconventional oil and gas sectorsArctic oil and gas: the policy excludes companies because of their activities in this sector (upstream and midstream)1
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2.3.2Tar sands: the policy excludes companies because of their activities in this sector (upstream and midstream)1
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2.3.3Other unconventional sectors (fracking, tar sands, ultra-deep water oil and gas) : the policy excludes companies because of their activities in these sectors (upstream and midstream)1
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Malus - Date of application (is not applied as of January 1, 2023, malus)
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Malus - Some exceptions remain (small, medium or big malus)
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Sub-part Total012
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Total Investment section018
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TOTAL070
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