AIG is the biggest underwriter of US coal, insuring seven mines producing 167m short tons in 2022, 28.1% of national output.
Lloyd’s declined to comment specifically on the report, but said its position remained that as all insurance in the market was underwritten by managing agents, not Lloyd’s itself, it is for the individual businesses that operate in the the company’s market to make their own business and strategy decisions.
He added: Other Lloyd’s members, managers, staff and investors need to step up, alongside civil society, and help to persuade their peers … to firmly commit to stop insuring all coal mining in OECD countries by 2030, and to reduce their coverage of coal by 50% by 2025, in line with the action taken by other leading insurers, as directed by climate science.”
Fear of financial losses amid increasing numbers of climate-related natural disasters have prompted some insurers to stop insuring homes and businesses in some areas – including entire US states – or drastically raise their premiums.
The report is based on public record requests for insurance certificates for the 25 biggest US mines producing more than 60% of the country’s coal.
They do not cover smaller mines, so European insurers may well be underwriting an even greater percentage of US coal production.
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