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More reinsurers, insurers shun coal and oil projects

Posted On: Oct. 20, 2022 9:51 AM CST


A report by climate protection group Insure Our Future showed that 38% of reinsurers and 15% of primary insurers have now restricted underwriting of conventional oil and gas projects, up from 3% of reinsurers and 5% of insurers that did so in the past year, Asia Insurance Review reported. Meanwhile, coal has become increasingly uninsurable outside of China, with 62% of reinsurers and 39% of insurers now adopting coal exit policies.