Italian insurance giant Generali has stepped up its pledge to underwrite more sustainable business and commit to ‘green’ investments by ceasing to offer coverage for new coal mines and plants.
Generali had previously announced an underwriting commitment to increase the percentage of its premium portfolio related to the renewable energy sector, as well as to invest €3.5 billion in ‘green’ sectors by 2020 and gradually divest away from coal-related companies.
The Italian insurer now says it will not provide insurance for coal-related assets of potential new clients and would not be increasing its minimal insurance exposure to coal-related activities.
This latest move from Generali follows a number of similar attempts by high-profile players to distance themselves from coal.
Joachim Wenning, the Chief Executive Officer of the world’s largest reinsurance company Munich Re, confirmed in August that the reinsurer will step away from investing in and underwriting coal related business.
Swiss Re announced in July that it was to no longer provide re/insurance to businesses with more than 30% exposure to thermal coal across all lines of business.
Hannover Re in June pledged to divest from companies dependant on coal for more than 25% of its revenue.