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Date: 27 May 2021
Swiss Re Ltd. will begin tightening its treaty reinsurance underwriting policy for thermal coal risks from 2023 and exit all exposures in OECD countries by 2030 and the rest of the world by 2040.
France’s AXA Drops German Power Giant RWE as a Client over Large Coal Operations
AXA SA, France’s biggest insurer, is dropping German energy giant RWE AG as a client in a decision that highlights how taboo the coal business has become.
Not even an appeal from RWE Chief Executive Officer Rolf Martin Schmitz to his counterpart at AXA, Thomas Buberl, was enough to persuade the insurer to retreat from its conviction that the utility’s coal operations are too large and it’s moving too slowly to shrink its carbon footprint, according to two people with knowledge of the matter who declined to be identified.
Campaigners are now calling on the few Lloyd’s syndicates that have so far allegedly remained silent on the project, including Arch, Ark, Hamilton, Hiscox, Lancashire and MS Amlin, to clarify that they will not insure or renew insurance for this ”climate-wrecking” project.
The Stop Adani movement and Insure Our Future are increasing pressure on Lloyd’s following the marketplace’s first ESG policy, which it released in December 2020.
Lindsay Keenan, European coordinator at Insure our Future is calling on Bruce Carnegie-Brown, Lloyd’s council chairman, to clarify and improve the market-wide coal policy and make it crystal clear that no member of the Lloyd’s market will issue new, or renew existing, insurance for Adani’s project.