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Chubb to become first major US insurer to stop insuring and investing in coal

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World Coal,

Chubb, a US-based commercial insurance company, is set to announce that it will no longer sell insurance for new coal-fired power plants and to companies that derive more than 30% of their revenues from thermal coal mining, or make new investments in companies that have a big exposure to thermal coal mining or coal-based energy production.

In response, Ross Hammond, Senior Strategist for the Insure our Future campaign, said:

“We are looking forward to seeing Chubb’s new coal policy which will be the first by a major US insurance company. Even though US insurers have known about the risks and impacts of climate change for decades they have continued to insure the fossil fuel projects and companies that are causing the climate crisis. That makes absolutely no sense financially or ethically."

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