Read on Twitter
There are now at least 65 insurers with combined investments worth $12 trillion – likely more than 40% of the industry’s total assets – that have either adopted a divestment policy or committed to making no new investments in coal
New @InsOurFuture report https://insurance-scorecard.com/
New @InsOurFuture report https://insurance-scorecard.com/
Moody's says that good - for the insurance companies:
"We view the insurers' retreat from thermal coal as positive. It reduces their exposure to potential climate change liability risk, and reduces the risk of their investment assets becoming stranded."
https://www.moodys.com/research/Moodys-Insurers-retreat-from-coal-is-positive-reducing-stranded-asset--PBC_1214543
"We view the insurers' retreat from thermal coal as positive. It reduces their exposure to potential climate change liability risk, and reduces the risk of their investment assets becoming stranded."
https://www.moodys.com/research/Moodys-Insurers-retreat-from-coal-is-positive-reducing-stranded-asset--PBC_1214543
Some coal mining executives have noted the impacts.
As @taykuy reported, Contura CFO Andy Eidson discussed on an earnings call earlier this year how "the coal stigma" is increasing insurance policy rates:
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/coal-exec-esg-trend-caught-fire-is-pressuring-sector-across-the-board-57057688
As @taykuy reported, Contura CFO Andy Eidson discussed on an earnings call earlier this year how "the coal stigma" is increasing insurance policy rates:
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/coal-exec-esg-trend-caught-fire-is-pressuring-sector-across-the-board-57057688
Major electric utilities have also acknowledged this trend.
Duke Energy's climate report notes that "insurance companies have said publicly that they intend to stop providing insurance to companies that have above a certain amount of coal generation"
https://www.duke-energy.com/_/media/pdfs/our-company/climate-report-2020.pdf?la=en
Duke Energy's climate report notes that "insurance companies have said publicly that they intend to stop providing insurance to companies that have above a certain amount of coal generation"
https://www.duke-energy.com/_/media/pdfs/our-company/climate-report-2020.pdf?la=en
And last month, Basin Electric's CFO discussed the campaign to urge insurance companies to stop supporting fossil fuel projects, noting:
“Without going into detail, I can state that Basin Electric has been impacted by these efforts.” https://www.energyandpolicy.org/basin-electric-faces-growing-pressure-on-coal/
“Without going into detail, I can state that Basin Electric has been impacted by these efforts.” https://www.energyandpolicy.org/basin-electric-faces-growing-pressure-on-coal/
