QBE, Suncorp among global insurers exiting coal: Unfriend CoalBY RACHEL ALEMBAKIS | TUESDAY, 3 DEC 2019 8:06PMAustralian insurers QBE and Suncorp are among global insurers and reinsurers withdrawing cover for new coal projects, according to the third annual Unfriend Coal scorecard. Seventeen of the world's biggest insurer have announced they are withdrawing cover for coal project, mines and power plants. That represents 46% of the reinsurance market and 9.5% of the primary insurance market, according to Unfriend Coal. Most insurers refuse to ensure new mines and power plants, while global industry leaders have ended cover for existing coal projects and the companies that operate them, and adopted similar policies for tar sands. QBE and Suncorp announced exit policies this year, while in other Asia Pacific markets, Japanese, Chinese and Korean insurers such as Tokio Marine, SOMPO, Sinosure and Samsung Fire & Marine continue to play a critical role in insuring coal, the report noted. Almost all major European insurers have adopted coal exit policies. However, most specialty insurers on |
Editor's Choice
Podcast: Divestment, impact, and all that good stuff with Sharon Davis of Future Super
Today, senior journalist and host Rose Mary Petrass sits down with Sharon Davis, Executive Director of Investments at Future Super, a superfund that invests for a fossil fuel free future.
Three innovations to fix carbon market
With effective risk management and capital allocation, Australia's carbon market can scale to become the biggest in the world, Westpac and the Carbon Market Institute (CMI) say.
Investors fail to vote for climate despite pledges
Board directors of energy companies continue to be elected with over 95% shareholder support, even when those companies perform poorly against investor expectations.
RIAA: Sustainability goes mainstream
The RIAA Conference Australia 2024 is coming up in May, helping investors navigate the mainstreaming of sustainability, and unveiling pivotal initiatives like the Sustainability Classifications and the Artificial Intelligence and Human Rights Investor Toolkit.