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Chubb Becomes First U.S. Insurer to Stop Coverage for Coal Companies

HeadlineJul 03, 2019

Chubb became the first major insurance company in the U.S. to announce it would no longer provide coverage for coal companies. Chubb’s move this week came after mounting pressure from environmental groups and will extend its coverage ban to companies that produce more than 30% of their energy from coal. Mary Anne Hitt of the Sierra Club’s Beyond Coal campaign applauded the move and said, “The insurance industry risks being on the hook for trillions of dollars in damages linked to climate change—from rising seas to wildfires and storms. Insurers are well aware of that danger, and also well aware that the markets and the public are turning away from coal, which could leave them holding the bag for an obsolete industry.”

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