The reinsurer Scor took advantage of its general meeting on Wednesday to announce the end of insurance coverage for new oil field projects from next year, a measure deemed “timid” by an NGO.
This decision is accompanied by an ambition for 2025: doubling the coverage linked to low-carbon energies.
Scor continues to review its underwriting practices to fight climate change and enable a just transition, the company said in its AGM presentation material.
Gas projects still covered
However, this announcement does not allow the company to completely catch up with its competitors Swiss Re, Hannover Re and Allianz, which have also terminated their coverage for new gas production projects, judged the association Reclaim Finance.
It’s a missed opportunity, deplores his insurance and climate campaign manager Ariel Le Bourdonnec.
We could have announced to you today that we were getting out of the gas projects, acknowledged General Manager Laurent Rousseau during the meeting. But at the current stage of the energy transition, gas is still a transition energy in many economies and we must support this transition, he continued.
Scor shareholders have also endorsed the maintenance of Denis Kessler in his position as Chairman until the General Meeting of 2024 thanks to the raising of the age limit, from 70 to 72 years, to exercise the function.
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An emblematic figure of the company, the charismatic Mr. Kessler gave up the function of general manager during the last year, keeping only that of chairman.
A plan has also been launched by the company to identify a successor, internally or externally, before the end of 2023.
Scor got off to a bad start in 2022, with a net loss of 80 million euros in the first quarter, affected by the war in Ukraine, the Covid-19 pandemic and a very high level of natural disasters.