Businesses Urge U.S. Insurers to Ditch Fossil Fuel Underwriting
On Sept. 17, a group of about 60 American businesses urged their insurers in a letter to stop providing coverage to and investing in producers of oil, coal, and gas. “The insurance industry is underwriting and investing in fossil fuels which we now know are the key drivers of climate change,” they said. “As insurance customers, we are therefore expressing our desire for insurance coverage in the U.S. market that isn’t tied to supporting fossil fuels and actively supports renewable energy.” Insurance companies can accelerate a transition to a low-carbon economy because having insurance is typically a condition for loans and investment.
According to the letter, Chubb, Axis Capital, Hartford, and Liberty Mutual have policies to scale back but not halt underwriting of fossil fuels.