Mapfre curtails oil, gas, coal insurance and investment

Mapfre has said it will not insure or invest in oil, gas and coal producers unless they have a plan to transition from fossil fuels, after similar moves by competitors.

“As insurers, we can help our clients to transition in a gradual way towards less polluting activities,” Mapfre chief executive Antonio Huertas told shareholders recently.

Mapfre will fulfil insurance contracts until they expire and will tie possible renewals to an analysis of fossil fuel companies’ transition plans, a spokesperson said to Reuters.

“It applies to new projects because we always comply with what is agreed with customers,” the spokesman said.

Mapfre has an insurance contract with Mexican state-owned oil company Pemex, which is investing heavily into increasing crude output, which in turn would lead to more carbon emissions.

The contract with Pemex is due to expire next year.