Huge announcement: The seventh biggest US insurer Chubb cuts coal insurance exposure due to climate change
In an important development in the financial markets, Chubb becomes the first major US insurer to cut its exposure to the coal industry. Its Chairman Even G. Greenberg gave as the reason that the company accepts "the reality of climate change". they follow leads by Allianz, Hannover and Lloyds Group who have already scaled back the coal insurance they offer. Another insurer Zurich announced last week that it is going to increase its restrictions on underwriting and investing in fossil fuels. For Chubb this isn't unsubstantial something like 30% of their revenue comes from underwriting the building or operating of new coal-fired plants. Chairman Greenberg said in a statement that, "Making the transition to a low carbon economy involves planning and action by policymakers, investors, businesses and citizens alike." Chubbs general counsel Joseph Wayland went further in his explanation: “As a global insurer we are impacted by climate change, in everything fro...