Unfriend Coal research has revealed that only a quarter of leading insurance companies have committed to a 1.5C global warming target and has set a letter calling on all insurers to end all support for new oil and gas projects.

The research shows that out of the 15 biggest oil and gas insurers, four are members of the Net Zero Asset Owners Alliance that have publicly backed the a 1.5C global warming target – Allianz, AXA, Munich Re and Zurich, and seven have already limited support for fossil fuels by restricting insurance for coal – Allianz, AXA, Chubb, Liberty Mutual, Munich Re, The Hartford and Zurich.

“Insurers have a responsibility to support international climate targets and align their businesses with the Paris Agreement,” says the letter, signed by 18 international NGOs including 350.org, Greenpeace, and Oil Change International. It is addressed to the CEOs of 27 leading property and casualty insurers and three leading insurance investors.

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