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Insure Our Future has published the 2024 Scorecard Report, "Within Our Power," analyzing the role of the global insurance industry in addressing the climate crisis and energy transition. The Scorecard evaluates and scores 30 leading global insurers based on their policies related to insurance underwriting and investments for fossil fuels, covering coal, oil, and gas sectors.
The report highlights concerns about the insurance industry's insufficient action on climate change. In response, Insure Our Future calls on regulators to enforce policies that align with pathways limiting global warming to 1.5°C.
Over the past two decades, climate-attributed insured losses amount to approximately $600 billion (about 869 trillion KRW), accounting for over one-third of total weather-related insured losses. Despite this, the insurers continue to support the expansion of fossil fuel projects while reducing coverage for climate-related risks, thereby shifting the financial burden onto consumers and communities.
[Contents]
Foreword
Written by Dave Jones and Dr. Louise Pryor
Executive Summary
The insurance crisis today is born of climate inaction yesterday
1. Over a third of insured weather losses this century can be climate-attributed, and rising
2. People worldwide pay the cost of emissions as the promise of insurance fails
3. Rapid decarbonization needed to insure communities and prevent irreversible harms
Insurers must cut emissions today to insure communities tomorrow
1. Generali’s bold moves caps year of stalled underwriting progress
2. Scoring grid
3. Scorecard 2024: at a glance
4. Insurers enable dangerous methane LNG buildout while abandoning frontline communities
5. Renewable energy premiums under 30% of fossil fuel premiums, threatening to bottleneck transition
6. The 2% question: why are insurers choosing climate destruction over clean opportunity?
7. Insure Our Future’s demands for insurers
Lawmakers and regulators: act today to secure a just transition
1. Three scenarios to inform regulatory action
2. Policy recommendations: within our power to insure tomorrow
Appendix: Methodology
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