The number of insurance firms withdrawing cover for coal companies and assets has more than doubled between 2018 and 2019, a new report has revealed.
Pictured: The Shotton surface coal mine in Northumberland. Image: Rab Lawrence
Written by global NGO network Unfriend Coal, the report states that 17 of the world’s biggest insurers have now published coal exit policies – up from eight in December 2018.
This cohort of businesses accounts, in terms of assets under management (AUM), for almost half (46%) of the world’s reinsurance market, and 9.5% of the global primary insurance market.