Major insurers Axa, Allianz and Aviva invested a combined $4.6 billion in oil and gas companies with activities in the North Sea in 2021. Further, Allianz, AXA, Munich Re and Zurich are among the biggest insurers of the oil and gas industry, with a combined market share of more than 20%. All of these insurers, as members of the Net Zero Insurance Alliance and Net Zero Asset Owners Alliance, are blatantly contradicting their commitment to a 1.5°C pathway by supporting new oil and gas projects and expansion.