Insure our future,
Not the EACOP
Who's backing the pipeline and who's ruled it out?
Building the longest heated oil pipeline in the world is risky work and Total and CNOOC can’t do it alone. They are seeking insurance from some of the world’s largest multinational commercial insurance companies to get this project off the ground.
We’ve drawn up a list of the some of the world’s top insurers with a track record of underwriting oil and gas projects. Most of these companies are members of Lloyd’s of London, a major insurance and reinsurance market. These firms are likely to be approached to underwrite the project. Members of the #StopEACOP Alliance have written to each of these insurers urging them to publicly rule out supporting EACOP in any way.
Here are the responses so far…
Color key:
GREEN = ruled out support for EACOP
YELLOW = has not ruled out support for EACOP
RED = actively supporting EACOP
(Last updated August, 2022)
Lloyd’s of London
UNITED KINGDOM
We’re still awaiting a response from this insurer.
liberty mutual
united states
We’re still awaiting a response from this insurer.
AIG
United states
This insurer declined to provide a response on EACOP.
“Thank you for your note [...] Please find our current sustainability commitments and progress in our 2020 ESG Report.”
TOKIO MARINE KILN
UNITED KINGDOM
We’re still awaiting a response from this insurer.
chubb
United states
We’re still awaiting a response from this insurer.
BRIT
UNITED KINGDOM
We’re still awaiting a response from this insurer.
AEGIS London
United kingdom
Public statement on EACOP:
"AEGIS London has no direct involvement with the insurance of the East African Crude Oil Pipeline. All prospective insurance transactions or facilities presenting relevant ESG characteristics are considered in the context of AEGIS London’s ESG Policy. In this instance we are not considering any proposal to insure EACOP.”
Chaucer
United Kingdom
We’re still awaiting a response from this insurer.
Canopius group
UNITED KINGDOM
Public statement on EACOP:
"Canopius can confirm that we have no involvement, or plans to be involved with the insurance of the East African Crude Oil Pipeline.”
Aspen
Bermuda
Public statement on EACOP:
“we can confirm that we have no direct involvement, or plans to be directly involved, with the insurance of the East African Crude Oil Pipeline.”
Zurich
Switzerland
Public statement on EACOP:
"I can confirm that we are not participating in the EACOP tender."
Beazley
United kingdom
Public statement on EACOP:
“Financial Times has reported that Beazley has ruled out financing of the project. Read more HERE”
Allianz
Germany
Public statement on EACOP:
“Allianz is not providing direct insurance to the East African Crude Oil Pipeline project, as it neither meets our climate ambition nor falls within our ESG risk profile.”
scor se
france
Public statement on EACOP:
“SCOR will not be participating in the RfP and [...] will not be providing insurance or facultative reinsurance in respect of this project.”
AXA
france
Public statement on EACOP:
“We confirm that Axa is not involved in the EACOP RfP, as the underlying project is not compatible with our risk appetite and, more broadly, with our climate commitments.”
Munich Re
Germany
Public statement on EACOP:
“As a result, we have not insured the East African Crude Oil Pipeline project in our direct, facultative and primary business and already informed our underwriting community correspondingly about a year ago.”
Read more on there statement HERE
Hannover Re
Germany
Public statement on EACOP:
“We refrain from providing reinsurance coverage for EACOP due to noncompliance with our ESG expectations. EACOP has been put on an exclusion list about a year ago and our facultative underwriters have been informed accordingly.”
Swiss Re
Switzerland
Public statement on EACOP:
"Based on our SBR framework, Swiss Re does not provide business support to entities or projects that contribute to the conversion and degradation of ecologically sensitive areas such as UNESCO World Heritage Sites, wetlands protected by the Ramsar Convention, IUCN protected areas as well as habitats for endangered species. The Murchison Falls is an IUCN protected area and as such in scope of our policy on protected areas. Therefore, Swiss Re abstains from providing re/insurance or investment support for projects related to exploration, production, or transportation of oil and gas in this area."
ARGO group
BERMUDA
Public statement on EACOP:
" We are able to confirm that providing insurance for the EACOP project, its construction, contractors, infrastructure or operation is not within our risk appetite. Therefore, we have not and will not provide insurance services associated with this project."
AXIS capital
BERMUDA
Public statement on EACOP:
“We do not envisage supporting EACOP in the future.”
RSA Group
United Kingdom
Public statement on EACOP:
“Our underwriters follow our Climate Change and Low Carbon Policy, which means we would not provide cover to the East Africa Crude Oil Pipeline.”
Argenta
BELGIUM
Public statement on EACOP:
As a subsidiary of Talanx, the statement released by Talanx also applies to them.
QBE
AUSTRALIA
Public statement on EACOP:
“Based on our assessment of the project as it is currently proposed, there are a number of elements that do not comply with our Environmental and Social risk framework and preclude us from underwriting this project.”
CINCINNATI
LONDON
Public statement on EACOP:
Active Underwriter with Cincinnati at Lloyd’s confirmed verbally with a member of the Insure our Future campaign, “We 100% do not write this project and we have no intention of ever writing it.”
Enstar Group
BERMUDA
Public statement on EACOP:
"In relation to EACOP, we can confirm that Enstar Group [no longer actively underwrites new insurance liabilities and] is not providing any direct insurance cover to the East African Crude Oil Pipeline."
Blenheim
London
Public statement on EACOP:
“Blenheim Underwriting spokesperson: ‘I can confirm that Blenheim Underwriting does not underwrite the EACOP project directly nor indirectly (to the best of our knowledge), and nor does it intend to’”
HELVETIA
SWITZERLAND
Public statement on EACOP:
“We can confirm that there is no direct insurance coverage from Helvetia for this project. In addition, there is no indication of any participation via our Active Reinsurance. We [also] don't intend to provide an insurance coverage for this project in the future.”
Talanx
germany
Public statement on EACOP:
“I can now confirm that there is and will be no involvement in EACOP by Talanx or any of its subsidiaries.”
ARCH INSURANCE
uNITED STATES
Public statement on EACOP:
“Arch Capital Group Ltd. can confirm, on behalf of its underwriting operations, that it has not and will not issue any insurance policies covering the East African Crude Oil Pipeline”
Riverstone International
United Kingdom
Public statement on EACOP:
“RiverStone International spokesperson: ‘On behalf of Riverstone International, I can confirm that Riverstone International does not underwrite the EACOP project directly or indirectly, and nor does it intend to.’”
S.A. Meacock
London
Public statement on EACOP:
“We can confirm that we have no direct involvement or plans to be directly involved with the insurance of the East African Crude Oil Pipeline.”
SUNCORP
AUSTRALIA
Public statement on EACOP:
"In accordance with our commitments, we no longer directly underwrite new or additional oil & gas projects. I can confirm that this rules out the East Africa Crude Pipeline."
GENERALI
ITALY
Public statement on EACOP:
“We can confirm that Generali is not directly involved in the EACOP project and we have no interest in a future involvement, as it is not compatible with our sustainability commitments and our risk appetite.”
Britam holdings
East Africa
Public statement on EACOP:
The Compliance Advisor Ombudsman of the World Bank's IFC officially confirmed that Britam decided not to insure EACOP after conducting an environmental and social risk evaluation of the project.
SIRIUSPOINT
BERMUDA
Public statement on EACOP:
"We can confirm that SiriusPoint is not participating in the EACOP tender."
Photo credit (top banner): "Wide eyed at Lloyds of London" by theboybg, licensed under CC BY-NC-ND 2.0
#STOPEACOP
FOR PEOPLE
EACOP threatens to displace thousands of families and farmers from their land and has already disrupted the livelihoods of many. If allowed to move forward, it would also place at risk vital water sources that millions of people rely upon for drinking and food production.
#STOPEACOP
FOR NATURE
EACOP will rip through some of the world’s most important elephant, lion and chimpanzee nature reserves. There’s also concern that the pipeline will open up more critical ecosystems to even more oil extraction.
#STOPEACOP
FOR CLIMATE
EACOP will fuel climate change by enabling the extraction of oil which will generate over 34 million tons of CO2 emissions every single year. To solve the climate crisis, we must stop building new fossil fuel projects.