World News – CA – Insurers May Avoid Coal, But Still Like Fossil Fuels – BNN Bloomberg

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Freight wagons filled with coal line the railroad tracks in the port of Murmansk in Murmansk, Russia on Saturday September. 14, 2019. Raw and condensate deliveries from Russia’s Arctic terminals are transported in special shuttle tankers to the Russian port of Murmansk, where they are reloaded onto larger ships for export. Photographer: Andrey Rudakov / Bloomberg
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(Bloomberg) – While more and more insurers are returning from coal around the world, many are in the US. S.. . Promote fossil fuel pollution by assuming the risk associated with oil and gas exploration and production.

According to a new report from Insure Our Future, a coalition of 20 climate and consumer protection groups, at least 65 insurers with assets of $ 12 trillion have either started divesting coal assets or pledged not to make any new coal investments. While the quality of their commitments varies, that number is a significant increase over the 35 companies and $ 8. 9 trillion assets in last year’s report.

The group « formerly Unfriend Coal » publishes an annual ranking of the 30 best insurers, in which their policies are rated. This year, for the first time, they were also judged on their approach to the oil and gas sector. The report concluded that most companies with the U do not have specific policies regarding oil and gas. S.. . especially lagging behind global industry.

The U. . S.. . Companies in the report have the largest underwriting market share in the oil and gas industry, but Insure Our Future says there are no comprehensive policies in place to limit oil and gas expansion. It estimated the size of the oil and gas property and casualty insurance market at $ 17. 3 billion, three times as much as coal.

â ???? U. . S.. . Insurers like AIG, Liberty Mutual and Travelers are offering the struggling coal industry a lifeline and supporting the expansion of the oil and gas infrastructure, which the climate cannot afford. said Ginger Cassady, executive director of the Rainforest Action Network, which is part of the coalition.

In recent years, activists have put pressure on financial institutions to stop funding the fossil fuel industry, either through direct investments such as mutual fund stock purchases or indirect support such as insurance underwriting. They are increasingly pushing to end support for future projects as well. For example, many large banks in the US after activist pressure. S.. . excluded funding for oil and gas exploration in the Arctic.

In the scorecard, the American International Group Inc. . , Chubb Ltd. . , Hartford Financial Services Group Inc. . , Liberty Mutual, Traveler Cos. , and W. R.. . Berkley Corp.. . as some of the world’s insurers who continue to support the expansion of the oil and gas supply chain. Examples were given of companies signing projects, including exploration for new reserves, oil pipelines and export terminals for liquefied natural gas.

Every 10 U. . S.. . The insurers covered in the report received negative ratings for « climate management ». because they have memberships in industry lobby groups that the Insure Our Future said they oppose climate change efforts. â € ???? U. . S.. . Insurers routinely lag behind their European counterparts, who topped the rankings this year, with Axa SA and Swiss Re AG at the top.

A representative from AIG declined to comment beyond existing public disclosures on sustainability, while representatives from Travelers and Chubb had no immediate comment. A spokesman for W. . R.. . Berkley and Chubb didn’t immediately return a message looking for comment.

Matthew Sturdevant, a spokesman for Hartford, said the company was one of the few U. . S.. . Insurers must establish and publicly announce a policy that limits our investments in coal and tar sands and their purchase. one???? Gina Anderson, a spokeswoman for Liberty Mutual, said the company is taking steps to reduce carbon emissions as we support the transition to a low-carbon economy. â ????

Coal, Fossil Fuels, Insurance, Projects, Petroleum Industry