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Zurich latest insurer to dump new fossil fuels following campaigns

Nat Gorodnitski
April 8, 2024

Zurich Insurance Group AG are the latest in a series of insurance companies to change their policies on fossil fuel expansion following successful pressure from campaign groups calling on them to cut ties to the industry driving the climate crisis. 

The company has committed to no longer underwrite new oil and gas projects, and is going a step further by asking for carbon footprint reductions from their highest-emitting corporate customers. Read more about Zurich Insurance’s new policies at Bloomberg.

The insurance industry is a vital partner for the fossil fuel industry - without insurance, destructive projects can’t go ahead. The global campaign Insure Our Future, consisting of over 25 organisations including SOS-UK partners, led a Global Week of Action in February targeting the insurance industry for its fossil fuel ties, calling for an end to insurance for new and expanded coal, oil, and gas projects and the companies developing them. Insure Our Future has welcomed the announcement, while calling on further action from Zurich and other insurers. 

Following the week of action, Lloyd’s of London Insurer Probitas pulled out of insuring EACOP and West Cumbria coal mine. Probitas also dropped the Adani Coal Mine last year following campaigner pressure. In January, SiriusPoint, Riverstone International, Enstar Group, Blenheim, and SA Meacock all ruled out EACOP.