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Citing climate change, Swiss insurer Chubb announced Monday it will stop insuring coal-fired power
Citing climate change, Swiss insurer Chubb announced Monday it will stop insuring coal-fired power plantsChubb Ltd. announced Monday it will stop insuring coal-fired power plants, establishing a climate change policy intended to bear down on an energy source increasingly falling out of favor.
The Zurich, Switzerland-based insurer, which is the largest commercial insurer in the U.S., said it will no longer sell insurance to new coal-fired power plants or sell new policies to companies that get more than 30 percent of revenue from thermal coal mining.
Insurance coverage that exceeds this threshold will be phased out by 2022, and for utilities beginning in 2022.
Chubb also will not make new debt or equity investments in companies that generate more than 30 percent of revenue from thermal coal mining or energy production from coal.
Read more: https://www.courant.com/business/hc-biz-chubb-coal-plants-20190701-ruh3urqktvbznkdpsiebtjhfpi-story.html