Fossil Fuel Insurers will Ignore Climate Change at Their Own Risk
The insurance industry, which is highly exposed to the risks of climate change, has quickly turned away from coal projects in recent years. Ignoring the signs of the times, three U.S. insurance companies continue to offer a lifeline to the expansion of coal production. It is no coincidence that all of them are led by …
Utilities Struggle to Insure New Coal Power, Contracts Reveal
Inexperienced insurers now underwriting operating coal plants as mainstream companies increasingly exit market Utilities are struggling to find insurance to build new coal power outside China, finds a report released today by the Insure Our Future campaign and Korean non-profit Solutions for Our Climate, which have obtained documents providing a rare snapshot of the state of …
Exposed: The Coal Insurers of Last Resort
Insurance contracts obtained by the Insure Our Future campaign show how utilities are struggling to find companies to underwrite new coal power projects, reveals a report Exposed: The Coal Insurers of Last Resort. Details of which companies insure which projects are rarely disclosed, so the contracts for KEPCO, Korea’s national power utility, give a unique snapshot …
AIG’s New Climate Commitments a Major Step Forward for Insurance Industry’s Transition Away from Fossil Fuels
Insurance Giant Rules Out Support for New Coal, Tar Sands, and Arctic Energy Exploration Projects and Commits to Net Zero Emissions by 2050 for Underwriting and Investments WASHINGTON, D.C. – American International Group Inc. (NYSE: AIG) today announced major new company-wide climate commitments, including commitments to no longer provide underwriting and investments in the construction …
Climate Laggard Travelers Adopts Coal & Tar Sands Policy
Policy demonstrates major movement among U.S. insurers on coal and early movement on tar sands; Travelers is 6th North American company to restrict underwriting for coal and 3rd for tar sands HARTFORD, CT (February 7, 2022)—Insurance giant Travelers adopted a policy committing to not underwrite new coal-fired power plants. It also committed not to underwrite …
The Hartford Speeds Up Tar Sands Divestment, but Continues to Insure Fossil Fuel Expansion
The Hartford, one of the world’s largest oil and gas insurers, announced that it is speeding up its timeline for divesting from the tar sands oil sector, but did not commit to any other needed measures on fossil fuel expansion.
NEW REPORT: U.S. Insurance Companies Undermine Climate Targets by Supporting Oil & Gas Expansion and Providing a Last Lifeline to Coal
The U.S. insurance industry is undermining efforts to meet climate targets by continuing to support new oil and gas production, the Insure Our Future campaign reveals today in its fifth annual scorecard on insurers’ climate policies.
15-foot inflatable of Chubb CEO Evan Greenberg Erected at US Tennis Open
[photo credit George de Castro-Day] A 15-foot tall inflatable of Chubb CEO Evan Greenberg wreathed in flames appeared outside the US Tennis Open in Flushing Meadows, Queens. Citizen groups had a clear message for the US Open sponsor’s CEO: stop destroying the planet.
Religious Community Calls on Leading Faith Insurer GuideOne to End Fossil Fuel Coverage
Sixty-five faith leaders, religious organizations, and congregations issued a letter to GuideOne Insurance, a leading provider of insurance policies for faith communities, calling on the company to end its practice of underwriting fossil fuel companies, whose products are responsible for climate change.
Why are Connecticut Climate Activists Rallying at a Golf Tournament? The Climate Crisis is Why.
In April 2021, Travelers, the second-largest property and casualty insurer in the US, announced plans to become carbon neutral across its owned operations by 2030. However, that commitment failed to address Travelers’s massive contribution to climate change: its underwriting and investment portfolios.
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