Global insurance companies Chubb, MAPFRE, and Tokio Marine insure the majority of Brazil’s offshore oil and gas drilling, according to a report entitled Fueling Climate Change: The Insurers Behind Brazil’s Offshore Oil Expansion released by Insure Our Future. Based on previously undisclosed documents, the report finds that these three companies insure Brazil’s national oil company Petrobras, which extracts nearly 93% of all Brazil’s oil and gas. Chubb and Tokio Marine, along with AXA, Liberty Mutual, Fairfax, Argo, and several Brazilian insurers, also insure exploratory oil and gas operations by international companies.
The insurance industry’s support for oil and gas expansion plays a key role in driving climate destruction. Using internal documents that have never before been disclosed, this brief reveals the insurance companies underwriting deep sea oil and gas operations and expansion in fragile coastal ecosystems in Brazil. Given how secretive insurers are about their project involvement and the lack of disclosure requirements, this information is rarely available for major fossil fuel projects.