Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • Sections
  • News

US insurers still have $90bn invested in coal

Open-access content Wednesday 24th February 2021 — updated 9.13am, Thursday 25th February 2021
US insurers still have $90bn invested in coal

Major US insurance companies still have nearly $90bn (£64bn) invested in coal, which is the single biggest contributor to anthropogenic climate change.

That is according to research released today by the Rainforest Action Network and 28 additional NGO partners, which shows that TIAA has the most invested in coal, on $13.8bn, followed by Berkshire Hathaway, on $7.3bn.

The findings also reveal that US investors hold 58% of institutional investments in the coal industry, equating to $602bn.

Elana Sulakshana, energy finance campaigner at the Rainforest Action Network, said that, as society’s risk managers, insurance companies should know better than to continue to prop up the fossil fuel sector.

“Instead of tackling their outsized role in driving the climate crisis, major US insurance companies are providing a lifeline to the dying coal industry through their investing and underwriting portfolios, fuelling more dangerous climate disasters like floods, wildfires, and hurricanes,” she added.

Today's findings also reveal that AIG has $4bn invested in coal, while Travelers holds $1.1bn, Liberty Mutual $1bn and The Hartford $594 million.

AIG is also one of the top three underwriters of coal, oil, and gas worldwide, and one of few insurers that has yet to taken action to reduce support for fossil fuels, according to the researchers.

Environmentalists and indigenous leaders are now calling on incoming CEO, Peter Zaffino – who takes over 1 March – to address the company’s role in the climate crisis. 

David Arkush, climate director at the NGO Public Citizen, said: “AIG loves to remind people that it was one of the first US insurers to recognise climate change, but the company has done virtually nothing to actually address the crisis. 

“As an insurer, AIG is supposed to prevent harm. There’s no more time for empty talk. It’s time to stop propping up fossil fuels.”

 

Image credit: Shutterstock

Author: Chris Seekings

Also filed in
News
Topics
Investment
Environment
Global

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Catastrophe Modelling Analyst - London Market Broker

London, England
£40000 - £50000 per annum
Reference
145925

Senior Catastrophe Analyst

England, London
£65000 - £75000 per annum
Reference
145924

Life Actuary - Financial Reporting - Day Rate contract

Negotiable
Reference
145923
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ