Hiscox to eliminate coal and Arctic energy exposure

Written by Adam Cadle

09/03/2021

Hiscox is to eliminate its insurance, reinsurance and investment exposure to coal-fired power plants and coal mines.

The Bermudian-headquartered company has become the 32nd insurer to rule out underwriting Adani’s Carmichael coal project in Queensland, Australia.

Hiscox’s chief executive Bronek Masojada said the company is committed “to steadily reduce and eliminate by 2030 our insurance, reinsurance and investment exposure to coal-fired power plants and coal mines; Arctic energy exploration, beginning with the Arctic National Wildlife Refuge; oil sands; and controversial weapons such as landmines”.

He said the commitments were aligned with the Lloyd's ambitions announced in December and will take effect from 1 January 2022, “though their implementation has already begun”.

Related Articles