RAN notes this pullback appears to be part of a “positive pattern” of the major insurer cutting ties with fossil fuel projects. (Credit: Bo/Adobe Stock)
Activist groups have been applying pressure on insurance companies to bail on coverage for projects that they feel are worsening climate change. It appears that pressure may be working, as documents obtained by the Rainforest Action Network (RAN) show Chubb no longer insures the Calcasieu Pass Liquefied Natural Gas (LNG) terminal in Louisiana.
In February, RAN published a report claiming an investigation revealed which insurers provided coverage for the project. The list included Chubb subsidiary ACE American Insurance Company, which RAN says previously had a $1.5 billion primary insurance policy for the terminal.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
