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UK: Lloyd's Corporation divests from coal-heavy businesses amid climate change concerns

Author: Bethan Moorcraft, Insurance Business America, Published on: 17 November 2017

"Lloyd's Corporation joins coal-heavy investment boycott", 17 Nov 2017

Lloyd's Corporation...has announced that it’s implementing a coal exclusion policy as part of its responsible investment strategy for the Central Fund. The...policy will come into effect in April next year [2018] and it will apply to assets held in segregated portfolios. These account for around 75% of Central Fund investments...

...Lloyd’s Corporation joins the likes of Zurich Insurance, AXA and Allianz in the divestment of coal-related investment. Swiss Re is also expected to release an action plan regarding coal...According to the Unfriend Coal campaign, 15 insurers with a total of over US$4 trillion in assets covered by coal divestment decisions are planning to change their coal-related policies in the near future. The industry has already pulled out a total of US$20 billion in the past two years.

Peter Bosshard, coordinator of Unfriend Coal, commented: “Coal needs to become uninsurable. If insurers cease to cover the numerous...risks of coal projects, new coal mines and power plants cannot be built and existing operations will have to shut down"...

This environmental call-to-arms comes several months after Greenpeace called on several major insurers to take action on fossil fuels.

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Related companies: Allianz AXA Lloyd's of London Swiss Re Zurich