Zurich Insurance Group Ltd. said Friday that as of 2020, insurance has ceased and will no longer invest in more than a third of the companies exposed to thermal coal, oil sands and oil shale that could not or do not want to use greener methods.
Of 268 policyholders and investors in this category and "after careful scrutiny", Zurich said it had decided to end its business relationship with 36 percent of them, while the dialogues continue with another 42 percent.
Another 22 percent were adopting greener methods according to Zurich's Sustainability Report for 2020, which was released on Friday.
Zurich 2019 said it intends to stop insuring companies that generate more than 30 percent of their revenue from mining, more than 30 percent of their electricity from thermal coal, oil sands and oil shale, extract more than 20 million tons of thermal coal or continue invest in coal mining and infrastructure.
"We continue to review our portfolio and engage our customers exposed to thermal coal, oil sands and shale," said Mario Greco, President and CEO, in the report.
A growing number of insurance companies have announced plans to reduce their exposure to coal, oil. sand and slate in recent months.