The Hartford Announces Its Policy on Insuring, Investing in Coal, Tar Sands

The Hartford announced its policy on insuring and investing in coal and tar sands. The company will no longer insure or invest in companies that generate more than 25 percent of their revenues from thermal coal mining or more than 25 percent of their energy production from coal. In addition, the company will also stop insuring and investing in companies that generate more than 25 percent of their revenues directly from the extraction of oil from tar sands.

Source: The Hartford | Published on December 23, 2019

“The world needs affordable, accessible energy to support global economic progress and, at the same time, action is needed to mitigate the impact such activity has on our climate,” said The Hartford’s Chairman and CEO Christopher Swift. “Extreme weather affects people’s lives and businesses – and the risks are getting worse. As an insurer and asset manager we recognize the growing cost of this crisis, and we’re determined to use our resources and influence to address the challenge. That’s why we have taken a position on coal and tar sands.”

The policy parameters include:

  • No new underwriting of or investments in the construction and operation of new coal-fired plants;
  • No new underwriting of or investments in companies that generate more than 25 percent of their revenues from thermal coal mining or more than 25 percent of their energy production from coal;
  • No new underwriting of or investments in companies that generate more than 25 percent of their revenues directly from the extraction of oil from tar sands;
  • Phase out existing underwriting relationships and divest publicly traded investments which exceed the threshold by 2023; and

Exceptions for business lines that cover employees, such as disability, life and other voluntary products offered by our Group Benefits division – where we are providing protection to people.

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The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity.