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Zurich Insurance scraps coverage for new oil exploration projects



(Reuters) – Zurich Insurance Group Ltd. will no longer guarantee new greenfield oil exploration projects, said Europe's fifth largest insurer on Thursday in an investor day presentation that sought to polish its green credentials. world, unless companies seeking coverage had formally approved science-based targets in place.

It promised not to guarantee oil and gas drilling and production in the Arctic, even though a spokesperson said that in practice they were already refraining from projects in such sensitive environments.

The promises come after banks, insurance companies and investors with $ 130 trillion at their disposal pledged at the UN COP26 climate conference in Scotland this month to put the fight against climate change at the heart of their work.

Zurich also reiterated that it was on track to reach its goals for 2022 in the nvestor day presentation, which emphasizes its strate gi and business mix allow "superior" returns to shareholders and support its dividend policy.

It said last week that it planned to increase its dividend and was confident of reaching its 2022 target after real estate / accident premiums rose 1

1% on comparable bases for the first nine months of 2021.

The presentation photos included comments from CFO George Quinn that Zurich was about to exceed the target of return on equity of over 14% by the financial year 2022.

Zurich, which aims to be a net zero-emissions business by 2050, is one of eight major insurance and reinsurance companies that in July launched an alliance to help accelerate a transition to a cleaner economy.

It was stated that in March, a a reduction of 25% of the carbon dioxide intensity for listed equity and corporate bonds by 2025 and a reduction of 30% for direct real estate investments.

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