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To date, 19 global insurers have adopted restrictions on coal coverage and investments. (Photo: Shutterstock) To date, 19 global insurers have adopted restrictions on coal coverage and investments. (Photo: Shutterstock)

(Bloomberg) — Global efforts to slow climate change could cost the financial industry $1 trillion.

That’s how much the consultancy Oliver Wyman estimates banks, insurers and asset managers stand to lose in the event of more aggressive policies, such as a carbon tax. Drastic changes could prompt a wave of defaults among polluting companies, which firms are not fully considering as they decide where to invest and lend, the consultancy said.

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