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Coal Becoming Uninsurable as More Insurance Firms Refuse Cover

Coal News - Published on Wed, 04 Dec 2019

Image Source: Coal Insurance
The Guardian reported that the number of insurers withdrawing cover for coal projects more than doubled this year and for the first time US companies have taken action, leaving Lloyd’s of London and Asian insurers as the last resort for fossil fuels. Unfriend Coal campaign report said that 10 firms moved to restrict the insurance cover they offer to companies that build or operate coal power plants in 2019, taking the global total to 17. According to a new report, which rates the world’s 35 biggest insurers on their actions on fossil fuels, declares that coal is on the way to becoming uninsurable as most coal projects cannot be financed, built or operated without insurance.

The first insurers to exit coal policies were all European, but since March, two US insurers Chubb and Axis Capital and the Australian firms QBE and Suncorp have pledged to stop or restrict insurance for coal projects.

Lloyd’s, the world’s biggest insurance market, is the only major European firm which continues to insure new coal projects.

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Posted By : Arun Huidrom on Wed, 04 Dec 2019
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