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Several insurers and reinsurers including Swiss Re Ltd., Munich Reinsurance Co. and Germany-based Allianz S.E. have stopped insuring coal risks following increasing climate change-related losses, Swissinfo.ch reported citing The Financial Times. Experts said that insurers need to check for risk mitigation measures such as flood barriers, disaster-resistant building materials and supply-chain management before providing insurance against severe weather. Insurers could also face liability for oil companies-related pollution and damage, the experts added.
1. Turkish airlines cancel flights to Iran and Iraq amid war concerns
2. Zurich Insurance to stop underwriting new oil and gas projects
3. Bermudan, European reinsurers to suffer major hit from bridge collapse
4. Tycoon gets death sentence for multi-billion-dollar fraud
5. Inflation drives 10% increase in sum insured for windstorms
6. Apple loses bid to throw out $977M lawsuit over app store fees