Hartford to cut insurance for coal, tar sands companies
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Hartford Financial Services Inc. on Friday became the latest insurer to announce it would restrict its insurance of coal producers.
Several insurers in Europe, Australia and more recently in the U.S. previously announced they would cut business ties with energy companies closely associated with pollution and climate change. In some instances, climate change protestors have targeted insurers covering coal projects.
In a statement, Hartford said it will no longer insure or invest in companies that generate more than 25% of their revenue from thermal coal mining or more than 25% of their energy production from coal and companies that generate more than 25% of their revenue from extraction of oil from tar sands.
The insurer will phase out the relationships by 2023, the statement said. The policy will not include disability, life and other voluntary benefits products that Hartford offers to the companies.
Hartford declined to disclose how much of its revenue and investments would be affected by the decision.
Several insurers, particularly in Europe, have taken similar stances, with Chubb Ltd. in July becoming the first U.S.-based insurer to announce it would phase out coal insurance and investments.
Last week, Liberty Mutual Insurance Group appointed a chief sustainability officer and announced it would restrict its insurance of coal companies and its investments in the sector.
