LONDON, Nov 9 (Reuters Breakingviews) - Insurers used to get heat for underwriting fossil fuels.
Membership of bodies like the Net-Zero Insurance Alliance (NZIA) was supposed to mean financial groups would cease supporting oil, gas and coal, speeding the pace of decarbonisation.
Similarly, five of the Lloyd’s insurance market’s managing agents – RiverStone, Chaucer, RenaissanceRe, Ascot and Aegis – have not implemented any restrictions on fossil fuels.
Insurers have even fewer qualms about supporting oil and gas.
Governments have made energy security a key priority since Russia’s invasion of Ukraine, and can reasonably argue that abrupt halts to backing fossil fuels will just mean higher energy prices.
Persons:
Warren, Berkshire Hathaway, Starr don’t, – RiverStone, Chaucer, Insuramore, Pamela Barbaglia, George Hay, Oliver Taslic
Organizations:
Reuters, Zero Insurance, Axa, Everest, Aegis, Reuters Graphics, X, Bayer, SEC, Paramount, Thomson
Locations:
Zurich, PICC, RenaissanceRe, Ascot, Ukraine