The world’s largest reinsurer, Munich Re, announced stricter policies for investing in and underwriting oil and gas projects on Thursday, drawing praise from environmentalists. According to the German reinsurer’s website, as of April 2023, it will not invest in or insure projects involving new oil and gas fields or new midstream oil infrastructure. Insurers have… Continue reading Munich Re Announces Stricter Policies for Investing In and Underwriting Oil and Gas Sector
Tag: coal
Reinsurers Looking to Exclude Coal from Bulk-Buy Policies in Green Gambit
Major reinsurers have already pulled back from providing bespoke cover for coal projects as part of efforts to meet global climate change commitments, but now comes the hard part – finding ways to exclude coal from bulk-buy contracts, known as “treaty” reinsurance. Reinsurance companies help to share the burden of insurance risks by underwriting frontline… Continue reading Reinsurers Looking to Exclude Coal from Bulk-Buy Policies in Green Gambit
Businesses Call on U.S. Insurers to Ditch Fossil Fuel Underwriting
A group of about 60 American businesses on Thursday urged their insurers to stop providing coverage to and investing in fossil fuel producers. In a letter, companies including outdoor-gear producer Patagonia and ice-cream maker Ben & Jerry’s, a unit of Unilever, called on U.S. insurers to drop ties to coal, oil and gas. “The insurance… Continue reading Businesses Call on U.S. Insurers to Ditch Fossil Fuel Underwriting
Connecting Climate Change Nuisance Suits to Insurance Recovery
Over the past few years a wave of lawsuits has sought to hold fossil fuel companies responsible for the societal costs associated with climate change. For the most part, these lawsuits have been brought by cities, counties, and one state in which the plaintiffs have pressed novel claims of public nuisance and other state laws… Continue reading Connecting Climate Change Nuisance Suits to Insurance Recovery
Will New Law Expose Links to Climate Risk?
Connecticut Insurance Investigation On March 5, Connecticut lawmakers will have a public hearing on whether insurance companies should be forced to disclose their involvement in the fossil fuel industry. A bill is working its way through the state senate that would assign the state insurance commissioner to investigate insurance companies concerning climate issues. The commissioner… Continue reading Will New Law Expose Links to Climate Risk?
Liberty Mutual Announces Global Policy on Coal Underwriting and Investing, Appoints First Chief Sustainability Officer
Liberty Mutual Insurance today announced long-time company leader Francis Hyatt as the organization’s first Chief Sustainability Officer. Hyatt will further enhance the organization’s ongoing focus on significant environmental, social and governance (ESG) issues, and lead the company’s Office of Sustainability. The company also announced its global policy on coal underwriting and investing. Liberty Mutual will:… Continue reading Liberty Mutual Announces Global Policy on Coal Underwriting and Investing, Appoints First Chief Sustainability Officer
Coal Power Becoming ‘Uninsurable’ As Firms Refuse Cover
The number of insurers withdrawing cover for coal projects more than doubled this year and for the first time US companies have taken action, leaving Lloyd’s of London and Asian insurers as the “last resort” for fossil fuels, according to a new report. The report, which rates the world’s 35 biggest insurers on their actions… Continue reading Coal Power Becoming ‘Uninsurable’ As Firms Refuse Cover
The Global Insurance Industry’s $6 Billion Existential Threat: Coal Power
Insurance companies face catastrophic damage from climate change, yet they continue insuring and funding the biggest cause of those damages instead of preventing the “existential threat” of inaction on climate policy. Extreme weather driven by climate change is creating record losses for insurers and their customers, and if left unchecked, those losses could triple within… Continue reading The Global Insurance Industry’s $6 Billion Existential Threat: Coal Power
French Insurer AXA Extends Climate Change Policy to XL
AXA, France’s biggest insurer, extended its climate change policy to its recently-acquired XL division, which will result in a negative impact on its revenues. AXA said XL will stop insuring projects related to the construction of coal-fired power plants and the extraction of tar sands. The move will mean a revenue loss of about 100… Continue reading French Insurer AXA Extends Climate Change Policy to XL