1 August 2019 The insurance sector globally is waking up to the fact that if it wants to avoid the growing impact on its profits caused by the climate crisis, it needs to stop providing insurance to and investing in the companies that are fuelling it. At least 16 major … Read More
Media release: Suncorp dumps thermal coal
26 July 2019 In response to Market Forces lodging a shareholder resolution, Suncorp has revealed it is exiting the thermal coal sector, meaning there are now no Australian insurers willing to underwrite new thermal coal mines and power stations. A Suncorp spokesman told InsuranceNews, “Suncorp does not directly invest in, … Read More
Media release: Suncorp shareholders demand phase out of fossil fuel exposure
Thursday, 25 July 2019 Market Forces has lodged a shareholder resolution on behalf of over 100 Suncorp shareholders, calling on the insurer to set targets to reduce its investment and underwriting exposure to coal, oil and gas in line with the Paris Agreement’s goal of limiting global warming to 1.5 … Read More
Adani still vulnerable on insurance for its Carmichael mine and railway
28 June 2019 Like the stampede that saw almost 40 major banks turn their backs on Adani’s Carmichael coal mine and rail project (eventually forcing Adani to pledge it will “self-fund”), major insurance companies are now also refusing to insure this climate-wrecking project. All major projects require underwriting insurance, for … Read More
QBE’s unanswered questions
11 June 2019 It’s not often that an annual general meeting (AGM) can be described as compelling. QBE’s AGM held on 9 May, however, delivered the goods with several questions from the floor resulting in extraordinary exchanges between shareholders and the chairman Marty Becker and CEO Pat Regan. Unfortunately, these … Read More
Suncorp: The last major Australian insurer supporting new coal
11 April, 2019 One of Australia’s biggest insurance companies has ended up being the last major insurer still open to providing insurance to (underwriting) new thermal coal projects. Suncorp, which owns brands AAMI, GIO, APIA and Just Car, was put into this embarrassing position after competitor QBE announced an end … Read More
QBE‘s climate credibility up in smoke
25 February 2019 QBE’s 2018 annual report, released today, disappointingly reveals the insurer will be doing absolutely nothing about its support for dirty fossil fuels for at least two more years – shredding any credibility the company had left when it comes to managing climate risk. This is despite its … Read More
QBE targeted over fossil fuel support as Australia burns
4 February 2019 As Australians suffer under record-breaking extreme temperatures, bushfires and floods, Market Forces has launched an outdoor advertising campaign demanding Australia’s major global insurance company end its support for the fossil fuel companies driving global warming. Thanks to donations from Market Forces supporters, the billboard on the City … Read More
Media Release: World’s biggest insurers will not cover Adani Group’s Carmichael coal mine
Campaigners call on laggards to back UN climate targets andrefuse support for disastrous project Thursday 20 December 2018, 0001 Hours Central European Time Ten of the world’s foremost insurance companies will not provide support to develop the controversial Carmichael coal mine in Australia, following the lead set by many global … Read More