BERLIN (AP) — Environmental campaigners are welcoming moves by insurance companies to exclude coverage for fossil fuel projects because of climate change. More than a dozen groups that track the industry say more than half of top insurers have adopted policies against coal, while over a third now exclude some oil and gas projects. The Insure Our Future alliance said Wednesday that its annual scorecard of 30 companies ranked Allianz, AXA and Axis Capital best for their coal exit policies, while Aviva, Hannover Re and Munich Re came out on top for oil and natural gas. Insurance companies have acknowledged they face significant costs from climate change. This includes extreme weather events such as hurricanes, which are predicted to become more destructive as global temperatures rise.
Some risks too big: Insurers withdraw from fossil projects
