One of the world’s biggest insurers is ditching coal

by Brian Kahn, Earther

Earlier this week, one of the biggest re-insurance companies in the world started implementing a policy reflecting the growing risk around new coal projects. Swiss Re announced on Monday it would no longer insure companies that get 30 percent of their revenue or generate 30 percent of their power from coal burned for energy (known in energy parlance as ‘thermal coal’).

It’s yet another sign that economics are turning against coal. The re-insurance giant, which underwrote $35.6 billion in non-life insurance contracts in 2016, is the latest in a string of re-insurers pulling back from one of the dirtiest sources of power generation on the planet. These companies aren’t doing it from the bottom of their hearts, though. This is about cold, hard cash and actuarial tables.

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