When it comes to the climate crisis, not all culprits are as visible as the oil rigs and coal mines. Behind the scenes, insurance companies play a critical role in enabling fossil fuel projects to thrive by underwriting the massive risks involved. Let's meet the baddies.
Here, we present data commissioned by Insure Our Future which shines a light on the insurance giants that are fuelling the climate emergency by ranking the biggest fossil fuel underwriters. These companies are the financial backbone of the fossil fuel industry, and understanding their influence is key to holding them accountable and pushing for a shift toward a sustainable future.
The largest fossil fuel underwriters.
This table presents the largest insurance companies providing insurance to fossil fuel companies ranked based on the premiums they make from fossil fuel underwriting. The data was commissioned by Insure Our Future as part of their annual scorecard with research undertaken by Insuramore.
Rank | Name | HQ Location | Premiums from fossil fuel underwriting |
1 | Lloyd's of London* | United Kingdom | $1.6 - 2 billion |
2 | AEGIS | Bermuda | $1.55 -1.85 billion |
3 | PICC | China | $1.25 - 1.65 billion |
4 | Sogaz | Russia | $0.8 - 1.1 billion |
5 | Chubb | Switzerland/USA | $550 - 850 million |
6 | Allianz | Germany | $475 - 775 million |
7 | AXA | France | $450 - 750 million |
8 | Fairfax | Canada | $450 - 750 million |
9 | Zurich | Switzerland | $450 - 750 million |
10 | Berkley | USA | $525 - 625 million |
11 | AIG | USA | $425 - 675 million |
*Lloyd's of London is an insurance market encompassing multiple insurers. They are here presented as an aggregate.
Want a fuller picture of the fossil insurance market? You can find Insure Our Future's complete score card here.