Environmental campaigners are welcoming moves by insurance companies to exclude coverage for fossil fuel projects because of climate change.
“Insurance is the Achilles heel of the fossil fuel industry and has the power to accelerate the transition to clean energy," said Peter Bosshard, the report's author.
Insure Our Future said its annual scorecard of 30 companies ranked Allianz, AXA and Axis Capital best for their coal exit policies, while Aviva, Hannover Re and Munich Re came out on top for oil and natural gas. Many of the insurers reviewed introduced their restrictions in the last year, though the exact policies differ significantly, the report said.
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