Mapfre to toughen stance on fossil fuel coverage

Insurance and reinsurance giant Mapfre is set to use its annual general meeting to adopt a new climate policy which will strengthen its restriction over the underwriting of fossil fuel risks.

At today’s AGM, Mapfre, which is the largest non-life insurer in Latin America, will unveil the new policy that toughens its existing restrictions on insurance for coal, and clarify that as at the end of 2021 its portfolio will no longer include extraction or transportation of tar sands, and provide additional detail on its policy of not insuring new oil and gas projects in the Arctic.

The move had been welcomed by global campaign of NGOs and social movements created to hold the insurance industry accountable for its role in the climate crisis.  Insure Our Future.

“We welcome Mapfre’s commitment that it ‘will not insure [or invest in] coal, gas and oil companies that do not commit to an energy transition plan that allows global warming to be maintained at around 1.5C’.”

Mapfre currently insures Pemex, Mexico’s state oil company which said  campaigners is planning to increase its oil production through the exploitation of new fields. Earlier this year Insure Our Future revealed that Mapfre, along with other insurers including Chubb and Tokio Marine were insuring massive oil exploration plans by Brazil’s national oil company Petrobras. The Global Oil & Gas Exit List (GOGEL) identifies that over 95% of the upstream oil and gas companies listed on its database, including Pemex and Petrobras, are still exploring or preparing to develop new oil and gas reserves.

Lindsay Keenan, European Coordinator, Insure Our Future network said: “We welcome Mapfre’s new coal, oil and gas commitments. We note that reports by the IEA and IPCC make clear that any expansion of oil and gas production is not aligned with a 1.5C energy transition plan. The big test for Mapfre is whether they, and the wider insurance industry, will successfully help to persuade fossil fuel companies, such as PEMEX and Petrobras, to immediately halt oil & gas expansion plans. If not, Mapfre needs to rule out the renewal of policies with all fossil fuel companies with expansion plans in line with its new policy.”

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