The Hartford announces new policy restricting tar sands and coal investing

Written by Adam Cadle

02/01/2020

The Hartford insurance company has announced a new policy restricting tar sands and coal insurance and investing.

It has approximately $3.3bn invested in fossil fuels, including more than $667m in thermal coal.

The US insurance industry is increasingly acknowledging its role in driving climate change, facing pressure from the Insure Our Future campaign. The Hartford joins 18 global insurers that have already restricted or eliminated insurance coverage for and investments in coal, including U.S. peers Chubb, AXIS Capital, and Liberty Mutual. The new policy also makes The Hartford the second U.S. insurer to restrict coverage for the tar sands sector and fifth insurer globally to do so.

Rainforest Action Network (RAN) Energy Finance Campaigner Elana Sulakshana said: “With this new policy, The Hartford becomes the first mainstream U.S. insurer to restrict support for tar sands oil and coal. In the face of the climate crisis, The Hartford joins a growing movement of insurers taking action to keep coal and tar sands in the ground and accelerate the transition to a low-carbon energy future.

“The Hartford’s new policy comes on the heels of Liberty Mutual's much weaker coal-only policy announcement last week. By restricting insurance for new coal plants and tar sands companies, The Hartford’s commitments highlight the gaps in Liberty Mutual’s policy.

“However, the policy contains some critical loopholes. Going forward, The Hartford should rule out insuring new tar sands pipelines and other projects, new coal mines and infrastructure, and all companies facilitating the expansion of tar sands and coal. The company must also commit to a timeline that fully phases out coal and tar sands from its insurance and investment portfolios in line with 1.5ºC.”

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