The World's Largest reInsurer, Munich Re, Rejects EACOP
The World's Largest Reinsurer, Munich Re, Rejects EACOP
6 April 2022 - Today, Munich Re, the world's largest reinsurer, has rejected the East African Crude Oil Pipeline (EACOP), joining Hannover Re, SCOR, Swiss Re, Axa, and Zurich in publicly committing that they will not underwrite the pipeline. In a statement on their website, Munich Re wrote that "... 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."
Munich is the sixth leading global insurer to publicly refuse support for EACOP, responding to public calls from the #StopEACOP Campaign, a global alliance of environmental and human rights organizations advocating against the project.
Regine Richter, Energy and Finance Campaigner at Urgewald, says “We welcome Munich Re’s statement that it will not insure the East Africa Crude Oil Pipeline. Now, they need to take the next step and do what is really required for humanity and the planet: commit to a world-leading policy which excludes all new oil and gas projects in line with a 1.5C limit, now.”
Now, #StopEACOP and Insure Our Future are calling on the other members of the Net Zero Insurance Alliance, particularly Lloyd's of London and Allianz, to choose climate leadership over corporate greed and rule out EACOP before their Annual General Meetings.
Omar Elmawi, Coordinator of the #StopEACOP campaign, adds "Every insurer should be running from the climate-wrecking and contested East African Crude Oil Pipeline. In particular, Allianz and Lloyd's of London, both members of the Net Zero Insurance Alliance, must follow Munich Re and commit to never insure EACOP."
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About #StopEACOP
#StopEACOP is a global campaign against the construction of the East African Crude Oil pipeline (EACOP), a proposed 1,445-kilometer heated pipeline that will transport oil from Hoima, Uganda, to the port of Tanga in Tanzania. The campaign is led by an alliance of local groups and communities, and African and global organizations. Over 260 organizations have endorsed and are working towards realizing the campaign objectives through public mobilizations, legal actions, research, shareholder activism, and media advocacy.
Website: https://www.stopeacop.net/
Facebook: @StopEACOP
Twitter: @stopEACOP
For media inquiries, please contact:
Omar Elmawi, Coordinator of the StopEACOP Campaign, info@stopeacop.net