Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • Sections
  • News

European insurers extend cover for Trans Mountain oil pipeline

Open-access content Thursday 14th May 2020

 

oil_shutterstock_341071466
Insurers continue to cover oil / Shutterstock


European insurers have increased their support for Canada's Trans Mountain tar sands oil pipeline over the last year, potentially undermining global climate targets, the Unfriend Coal campaign has warned.

The network of NGOs said that Lloyd’s, Zurich and Munich Re are the biggest supporters of the pipeline, which plans to boost capacity to an extra 590,000 oil barrels a day.

Trans Mountain's certificate of insurance shows that the project has attracted $508m (£416m) of liability cover for the 12 months to August 31, with the Lloyd's market having underwritten $460m.

Zurich is solely responsible for $8m of cover, but since last year has doubled the cover it provides jointly with other insurers to $300m, despite adopting a policy against insuring tar sands.

Munich Re's Canadian subsidiary Temple Insurance remains Trans Mountain’s third biggest insurer, providing $250m of cover, while Chubb’s European operations have also increased their support significantly since last year.

This comes after separate research from Carbon Tracker found that no tar sands projects are consistent with the Paris Agreement, and that any new investments risk becoming stranded assets.

Peter Bosshard, international coordinator for Unfriend Coal, said: “Zurich and Munich Re have recognised the risks from high-carbon tar sands, and together with Chubb and Liberty Mutual have restricted cover for coal. 

“However, their choice to continue or even increase their support for Trans Mountain calls into question their commitment to supporting international climate targets in practice.”

Liberty Mutual, Energy Insurance Mutual; AIG Insurance Co. of Canada, Stewart Speciality Risk Underwriting, WR Berkley, HDI Global SE of Canada, and Starr are also listed on pipeline's certificate of insurance.

The Unfriend Coal campaign said that expansion would be equivalent to putting an additional 2.2 million cars on the road, and would also pose grave threats to indigenous rights.

Kukpi7 Judy Wilson, secretary-treasurer of the Union of British Columbia Indian Chiefs, and Chief of the Neskonlith Indian Band, said: “The companies named on this insurance certificate are complicit in Indigenous rights violations and the impacts to our lands and waterways. 

“We will continue to advocate against the insurers backing the Trans Mountain pipeline and its expansion and call on all insurance companies to adopt stringent fossil fuel policies.”

Also filed in
News
Topics
Environment

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

New Fast-Growing Team - Actuarial Systems Development

London (Greater)
Excellent Salary Package
Reference
143762

Actuarial Pension Consultant – Scotland/Remote – Up to £90,000 plus bonus

Edinburgh / Glasgow / Remote working
Up to £90,000 + Bonus
Reference
143761

Part Qualified Pensions Actuary– Specialised Pensions Consultancy - Scotland/Remote - Up to £70,000

Edinburgh / Glasgow / Remote working
Up to £70,000 + Bonus
Reference
143760
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ