"Powerplant" by Nucho is licensed under CC BY-SA 2.0

US insurance industry lags in divesting from fossil fuels

by Insure Our Future

The number of insurance companies withdrawing coverage for coal has more than doubled in 2019 as the industry’s retreat from the sector accelerates and spreads beyond Europe, the Unfriend Coal campaign revealed in Insuring Coal No More, its third annual scorecard on insurance and climate change. However, the report finds that even with the first U.S. coal and tar sands policies announced in 2019, the U.S. industry still lags far behind its European peers.

Coal exit policies have been announced by 17 of the world’s biggest insurers which control 46% of the global reinsurance market and 9.5% of the primary insurance market. Most refuse to insure new mines and power plants, while companies that scored highest in the report, like Swiss Re and Zurich, also ended coverage for existing coal projects and the companies that operate them, and have adopted similar policies for tar sands.

Read more: https://www.insureourfuture.us/updates/2019/11/27/insurers-ditching-coal-doubled-in-2019-but-us-industry-lags-behind

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