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Thursday, July 12th, 2018

Insurance giant stops covering firms that depend on coal

Author:     Jon Fingas
Source:     engadget
Publication Date:     07.08.18
Link: Insurance giant stops covering firms that depend on coal
Stephan:   If you read me regularly you know that I follow not just the insurance industry, but the re-insurance industry where your insurance company lays off part of its risk. I do this because the insurance companies were the first corporate entities to really take climate change seriously because they have to consider future risk, and I knew that when a corporation or a family can't get insurance then things change. Here is an example of what I mean.

A towboat pushes barges towards the Mill Creek Station power plant on the Ohio River in Louisville, Kentucky, U.S., September 15, 2017. According to the company, Louisville Gas and Electric, Mill Creek Station is a coal-fired power plant producing over 1400 megawatts of power and burning approximately 4.8 million tons of coal per year.
Credit: Reuters/Brian Snyder

The elimination of coal power isn’t just good for the environment… it’s quickly becoming good for the corporate bottom line. Insurance giant Swiss Re has enacted a policy that refuses coverage to any company that either generates 30 percent or more of its revenue from coal power, or uses at least 30 percent coal power to run its operations. Swiss Re touted the move as reflecting its commitment to limiting global warming (it made a pledge in 2015 alongside the Paris climate accord), but it also casts this as a shrewd business move.

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1 Comment

  1. Dariel Garner on Thursday, July 12, 2018 at 6:55 am

    Looks like we will see a new presidential order providing re-insurance to those companies that shore up the wealth of the coal industry and Make America Great Again!