“Insurers Talk A Lot About Climate Change, But Most Still Do Business In Coal” -Huffington Post

Huffington Post
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Summary: ” (Berkshire Hathaway, the U.S. This April, the firm said it would no longer offer property, or casualty insurance to mining companies or utilities deriving 50 percent of their sales from coal. Italy’s biggest insurance company, Assicurazioni Generali Group, has, yet to divest, or curtail coverage, for coal but a spokesman told HuffPost it was completing an internal audit to find out the scope of its exposure to the fuel. AXA, care for numerous investors, believes coal both poses the biggest threat to the climate, and its business is the almost all likely to be constrained.” On the opposite final end of the spectrum is XL Group, whose chief executive, Mike McGavick, is the Geneva Association’s current chairman. “Given the clean energy transition underway, all insurers ought to assess their risk exposure to carbon-intensive fossil fuel industries ― including oil, gas, and coal ―- and disclose this information, in conjunction with their future plans to reduce their fossil-fuel risk exposures, to private industry regulators and other stakeholders,” Cynthia McHale, insurance director at the sustainability shareholder advocate Ceres, told HuffPost. His Ireland-based firm has refused to divest from coal companies, and continues to cover them with casualty and property insurance, calling such moves “nonsense.” Other firms have followed his lead, including Japan’s Tokio Marine, the United Kingdom’s Lloyd’s, Brazil’s SulAmérica Seguros, Canada’s Intact, Switzerland’s Zurich Insurance Group and the People’s Insurance Company of China, known as PICC. But of the 16 companies on the board of the Geneva Association ― the insurance industry’s think tank ― just one told HuffPost it cut off of both funding, and insurance, for coal companies. The activists’ demands were twofold: Insurance companies ought to divest from coal projects, and stop underwriting the fossil fuel.”

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