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Oil surrounds the feet of local resident Morgan Miller as he patrols the beach for oiled wildlife on May 19, 2015, north of Goleta, California. At the time, about 21,000 gallons spilled from an abandoned pipeline on the land near Refugio State Beach, spreading over about four miles of beach within hours. (Photo: David McNew/Getty Images)

(Bloomberg) — For the insurance industry to fulfill its stated commitment to combat climate change, it may want to accelerate its efforts to exit the oil and gas industry.

To date, just one insurer has promised to take “significant action” in this regard, according to analysts at Societe Generale SA. Australia’s Suncorp was the first to announce it would no longer provide coverage for all new oil and gas production projects.

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