HARTFORD TO LIMIT INSURING AND INVESTING IN COAL AND TAR SANDS

US group Hartford Financial Services has joined the list of global insurers to limit cover for and investment in coal and tar sands. Under the new policy, Hartford will no longer insure or investment in companies that generate more than 25% of their revenues from thermal coal mining or more than 25% of their energy production from coal. The group will also stop insuring or investing in companies that derive more than 25% of their revenues from the extraction of oil from tar sands. “Extreme weather affects people’s lives and businesses, and risks are getting worse,” said Hartford chairman and chief executive Christopher Swift. “As an insurer and asset manager, we recognise the growing cost of this crisis, and we’re determined to use our resources and influence to address the challenge.” Other carriers to limit coal-related underwriting and investment include Allianz, Axa, Chubb, Generali, QBE, Scor, Swiss Re and Zurich.