April 24, 2026 — More than 70 organizations from over 20 countries are urging the biggest global insurance and reinsurance groups to stop providing insurance for fossil fuel projects and fossil gas expansions in Southeast Asia’s Coral Triangle due to the risks posed to the most biodiverse marine area on Earth.
Southeast Asia climate and environmental groups, including the Center for Energy, Ecology, and Development, Caritas Philippines, Energy Shift Southeast Asia, Greenpeace Southeast Asia, Greenpeace Thailand, The People’s Coalition for Water Rights (KRuHA), Rimba Watch, and Trend Asia joins the call in urging 30 leading global (re)insurers and Lloyd’s of London managing agents to protect communities and biodiversity by establishing an immediate no-go zone for fossil gas expansion in the Coral Triangle.
The rich biodiversity of the Coral Triangle, spanning Indonesia, Malaysia, Papua New Guinea, the Philippines, the Solomon Islands, and Timor-Leste, is currently threatened by 113 operational oil and gas fields and expansion plans to add 27 new LNG terminals to the 19 already in operation.
“Fossil gas projects are threatening ecosystems and communities, such as those in the Verde Island Passage, including the threat of expansion of offshore oil and gas exploration in Palawan that will place our communities and food security at even greater risk. Insurers must recognize the compounding risks they are fueling by providing insurance to fossil fuel projects within the Coral Triangle,” said Gerry Arances, Executive Director of the Center for Energy, Ecology, and Development (CEED).
The letter also raises alarm over fossil gas projects situated near or overlapping with delicate marine ecosystems, including coral reefs, mangrove forests, and locally and internationally recognized marine protected areas. The Coral Triangle’s biodiversity and ecosystem services support the livelihoods and welfare of more than 360 million people and are fundamental to global food systems.
“We need a living Coral Triangle where both ecosystems and communities can thrive. As climate disasters intensify, protecting our marine biodiversity is a matter of survival. The insurance industry must recognize its role and stop providing insurance for environmental destruction. It is time for insurers to commit to establishing a no-go zone in the Coral Triangle, ensuring that no fossil fuel project is allowed to destroy these delicate marine ecosystems,” said Anj Dacanay, Lead Campaigner of Energy Shift Southeast Asia.
The letter was sent to leading global insurance groups, including AIG, Allianz, Aviva, AXA, Chubb, Generali, Hannover Re, HDI-Talanx, Helvetia, Liberty Mutual, Lloyd’s of London managing agents, Munich Re, MS&AD, QBE, SCOR, Sompo, Swiss Re, Tokio Marine, Travelers, WR Berkley, and Zurich.