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According to The Sunrise Project, a total of 26 global insurance companies have ended or limited coverage for coal projects, with many also moving to restrict services to the oil and gas sector. (Photo: Michal Krakowiak/iStockphoto)

Both Zurich Insurance Group and AXIS Captial recently announced their intentions to cease insurance coverage for controversial oil and gas projects as the insurance industry continues on a rapid trend towards climate-friendly policies.

In a letter to the Gwich’in Steering Committee, AXIS declared that it would not provide coverage or investment support for projects related to exploration, drilling, or oil or gas production in the Arctic National Wildlife Refuge, becoming the first North American insurer to make such a commitment. AXIS also became the first U.S. insurer to restrict coverage for coal and tar sands projects in Oct. 2019.

Heather A. Turner

Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].

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