Enhanced Oil and Gas Policy
Through our Oil and Gas Policy we have committed to shifting away from the most carbon-intensive oil and gas production.
In 2021, we stopped providing individual insurance covers for those oil and gas companies that are responsible for the world’s 5% most carbon-intensive oil and gas production. From July 2023, we will no longer provide individual insurance covers for those oil and gas companies that are responsible for the world’s 10% most carbon-intensive oil and gas production.
We recently further strengthened our Oil and Gas Policy based on our own net-zero commitments and in response to new scientific findings published by the International Energy Agency (IEA). We will no longer re/insure or directly invest in new oil and gas field projects that will receive the go-ahead (in the form of a final investment decision) from their parent companies after 2022. Exceptions will apply to projects of companies aligned with net-zero emissions by 2050, as defined by the Science Based Targets initiative (SBTi) or a comparable third-party assessment.
As most of the global expansion of oil and gas exploration and production is insured via company-wide property insurance policies, we have taken measures to align these portfolios (in both direct insurance and facultative reinsurance) with our commitment to net-zero emissions by 2050.
We will partner with our oil and gas clients (up-, mid- and downstream) on the transition to net-zero emissions and will align our re/insurance support to companies according to the below ambitions. These ambitions will be translated into net-zero alignment targets once guidance based on science-based target setting becomes available.
- By 2025, half of our overall oil and gas premiums are to come from companies that are aligned with net zero by 2050, as per SBTi or a comparable, credible third-party assessment.
- By 2030, Swiss Re's oil and gas re/insurance portfolios are to contain only companies that are aligned with net zero by 2050, also as per SBTi or a comparable, credible third-party assessment.
Furthermore, from July 2022 Swiss Re will no longer re/insure or invest in companies and projects with more than 10% of their production located in the Arctic AMAP region (Norwegian production is exempt).
We are also developing an approach for oil and gas in treaty reinsurance, to be finalised by 2023.