Leading European insurers underwrite 30% of US coal despite net-zero pledges

Written by Adam Cadle

29/09/2023

Leading European insurers are underwriting nearly a third of US coal production despite their net-zero commitments, a new report published by Insure Our Future has revealed.

Lloyd’s of London, Zurich and Swiss Re are among the top ten insurers of the 25 biggest US mines, which produced more than 60% of the country’s goal in 2022, the report said. They underwrite 13 mines producing 30.7% of national output.

AIG is the largest underwriter of US coal, insuring seven mines producing 167 million short tonnes in 2022, 28.1% of national output.

Mary Sweeters, senior strategist of the Insure Our Future campaign, said: “This damning report perfectly illustrates the problem: insurers are publicly committing to net-zero emissions and restrictive fossil fuel policies, yet behind closed doors they continue to underwrite dirty fossil fuel projects, violating their own policies or exploiting loopholes. They are fuelling the climate crisis and profiting from it, while greenwashing their business with empty promises.”

The information presented in the report was gathered via a series of public record requests for insurance certificates. The top 25 producing mines were selected for analysis, representing more than 60% of total US coal production.

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