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Swiss Re to accelerate its withdrawal from the coal industry

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Magazine Issue: 
The insurance business in the post-Covid-19 era [3]
Magazine date: 
Mar 2021

SWISS RESwiss Re [4] is planning to further tighten underwriting requirements for companies involved in thermal coal.

In 2018, the Swiss reinsurer decided to no longer insure companies that derive 30% of their revenues from this fossil fuel. This threshold will be gradually lowered starting 2023.

The group is intending to completely withdraw from the coal industry in the Organization for Economic Cooperation and Development (OECD) countries by 2030 and in the rest of the world by 2040.

The reinsurance giant is also pledging to invest up to 4 billion USD in green, social and sustainable bonds by 2024 against 2.6 billion USD in 2020.

Read also | Insurers and reinsurers withdraw from the coal industry [5]

Thu, 18/03/2021 - 15:26

Source URL: https://www.atlas-mag.net/en/article/swiss-re-to-accelerate-its-withdrawal-from-the-coal-industry

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[3] https://www.atlas-mag.net/en/issue/insurance-in-the-aftermath-of-covid-19
[4] https://www.atlas-mag.net/en/article/swiss-re
[5] https://www.atlas-mag.net/en/article/insurers-and-reinsurers-withdraw-from-the-coal-industry