(Reuters) – A group of about 60 U.S. companies on Thursday urged their insurers to stop providing coverage to and investing in fossil fuel producers.
In a letter, companies including Patagonia outdoor equipment manufacturer and ice maker Ben & Jerry & # 39 ;s, a unit from Unilever, urged US insurance companies to release ties to coal, oil and gas.
"The insurance industry guarantees and invests in fossil fuels, which we now know are the main drivers of climate change," they said.
"As insurance customers, we therefore express our desire for insurance coverage in the US market that is not tied to supporting fossil fuels and actively supporting renewable energy."
US insurers reported nearly $ 7 trillion in cash and invested assets, according to the National Association of Insurance Commissioners. Insurers highlighted in the letter include American International Group Inc., Liberty Mutual, Chubb Ltd., Axis Capital Ltd. and Hartford Financial Services Inc.
According to the letter, Chubb, Axis Capital, The Hartford and Liberty Mutual have policies to reduce or terminate fossil fuel insurance, but continue to insure such projects.
A spokesman for The Hartford said the company announced its coal exit policy in December.
AIG stated on its website that it did not publicly comment on insurance decisions related to specific projects, while Chubb declined to comment.
In recent years, environmental activists have pressured banks to release. financing for fossil fuel companies.
Lobby groups such as Unfriend Coal have put pressure on insurers to stop taking out carbon-intensive fuels such as coal and oil.
Insurers can speed up the transition to a low-carbon economy, as having insurance is usually a condition of loans and investments.
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Swiss Re AG and Zurich Insurance are leaders in terminating coal insurance, said Unfriend Coal. Catalog