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European insurers lead U.S. rivals in coal exit: campaign group

From Reuters - November 14, 2017

LONDON (Reuters) - Insurers have pulled $20 billion out of coal investments, but most are European and none of the top nine U.S. insurers hastaken meaningful action, campaign group Unfriend Coal said on Wednesday.

Government representatives and officials at this weeks U.N. climate talks in Bonn, Germany, are working on a rule book for the 2015 Paris Agreement to shift the world economy from fossil fuels this century.

Fifteen insurers with more than $4 trillion in related assets under management are planning to get out of stock or bond investments in coal, Unfriend Coal, a coalition of 13 civil society groups, said in a report.

Eight of those insurers, all European, feature in a scorecard of 25 of the worlds biggest insurers tracked by the campaign group. These include Lloyds of London, which told Unfriend Coal it would start to exclude coal from its investment strategy in April 2018.

Although the shift away from coal is growing, these early movers still need to do more, and most insurers have yet to do anything to prevent the risk of dangerous climate change, Unfriend Coal said.

The scorecard finds that no U.S. insurer has taken meaningful action.

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