It was a historic year in the fight against coal power as ten major insurance firms moved to restrict the insurance coverage they offer to companies that build or operate coal power plants, taking the global total to 17. 2019 saw the number of insurers refusing coverage for coal projects more than double, and saw American companies take action for the first time.
According to a new report from the Unfriend Coal campaign, which includes environmental groups such as Greenpeace and Urgewald, coal is “on the way to becoming uninsurable” as most coal projects cannot be financed, built or operated without insurance.
With most major insurance companies refusing insurance to coal projects, Lloyd’s of London and insurers from Asia are now the “last resort” for a “dying and destructive industry.”
