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International

Insurers can easily exit oil and gas sector but they don’t

August 26, 2021 Reprints

Analysts at French financial services firm Societe Generale SA said that the insurance industry can easily afford to stop oil and gas industry coverage to combat climate change but insurers are not taking meaningful steps in that direction, Bloomberg Quint reported. According to a SocGen report, premiums from insuring new oil and gas projects accounted for just 0.1% of all property and casualty premiums in 2018, indicating that withdrawing from oil and gas industry would not have a significant impact on insurers.

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Insurers can easily exit oil and gas sector but they don’t

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