Chubb recognizes the reality of climate change and the substantial impact of human activity on our planet.
Chubb expects a transition over time to greater reliance on alternative and renewable fuel solutions to meet energy needs. Making this transition necessary involves planning and action by businesses, policymakers, investors and citizens. It also involves setting priorities and, on July 1, 2019, Chubb adopted the following policy concerning thermal coal related underwriting and investment.
- New Coal Plant Construction & Operation. Chubb will not underwrite risks related to the construction and operation of new coal-fired plants. Exceptions to this policy will be considered until 2022 (i) in regions that do not have practical near-term alternative energy sources, and (ii) taking into account the insured’s commitments to reduce coal dependence.
- Coal Mining. Chubb will not underwrite new risks for companies that generate more than 30% of revenues from thermal coal mining. Chubb will phase out coverage of existing risks that exceed this threshold by 2022.
- Utilities. Chubb will not underwrite new risks for companies that generate more than 30% of their energy production from coal. Chubb will phase out coverage of existing risks that exceed this threshold beginning in 2022, taking into account the viability of alternative energy sources in the impacted region.
- Chubb will not make new debt or equity investments in companies that generate more than 30% of revenues from thermal coal mining or that generate more than 30% of energy production from coal.
Chubb produces an annual Environmental Report, which communicates important information about our company’s environmental initiatives to our clients, shareholders, employees, business partners, the communities where we operate and others who have an interest in our company, our industry and the environment. Our Environmental Report can be found here.