Zurich Insurance Ceases Coverage for New Fossil Fuel Ventures, Bloomberg Reports
--Zurich Insurance will no longer underwrite new oil and gas projects as it intensifies its scrutiny on clients expanding in metallurgical coal mining, the company told Bloomberg.
--The restrictions also call on the highest-emitting corporate clients to reduce their carbon emissions, Bloomberg reports.
--Sierra Signorelli, chief executive of commercial insurance at Zurich, said the policy shift reflects the disconnect between such activities and the insurer's overall goal of achieving net zero emissions by 2050, according to Bloomberg.
--A company spokesman confirmed the information and said it had nothing to add when contacted by Dow Jones Newswires.
Full story: https://bit.ly/4aozEzT
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
April 08, 2024 07:42 ET (11:42 GMT)
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