ZURICH, July 1, 2019 /PRNewswire/ -- Chubb Limited
(NYSE: CB) today announced that it has adopted a new policy
concerning coal-related underwriting and investment. With the
new policy, the company will no longer underwrite the construction
and operation of new coal-fired plants or new risks for companies
that generate more than 30% of their revenues from coal mining or
energy production from coal. Insurance coverage for existing
coal-plant risks that exceed this threshold will be phased out by
2022, and for utilities beginning in 2022. In addition, Chubb
will not make new debt or equity investments in companies that
generate more than 30% of revenues from thermal coal mining or
energy production from coal.
"Chubb recognizes the reality of climate change and the
substantial impact of human activity on our planet," said
Evan G. Greenberg, Chairman and CEO
of Chubb. "Making the transition to a low-carbon economy
involves planning and action by policymakers, investors, businesses
and citizens alike. The policy we are implementing today
reflects Chubb's commitment to do our part as a steward of the
Earth."
Key provisions of the policy are:
New coal plant construction and operation. Chubb
will not underwrite risks related to the construction and operation
of new coal-fired plants. Exceptions to this policy will be
considered until 2022 (i) in regions that do not have practical
near-term alternative energy sources, and (ii) taking into account
the insured's commitments to reduce coal dependence.
Coal mining. Chubb will not underwrite new risks
for companies that generate more than 30% percent of revenues from
thermal coal mining. Chubb will phase out coverage of
existing risks that exceed this threshold by 2022.
Utilities. Chubb will not underwrite new risks for
companies that generate more than 30% of their energy production
from coal. Chubb will phase out coverage of existing risks
that exceed this threshold beginning in 2022, taking into account
the viability of alternative energy sources in the impacted
region.
Investments. Chubb will not make new debt or equity
investments in companies that generate more than 30% of revenues
from thermal coal mining or that generate more than 30% of energy
production from coal.
The coal policy is expected to have a de
minimis impact on premium revenues and no impact on
investment performance.
To view the policy and other information about Chubb's
commitment to the environment, click here.
About Chubb
Chubb is the world's largest publicly traded property and
casualty insurance company. With operations in 54 countries and
territories, Chubb provides commercial and personal property
and casualty insurance, personal accident and supplemental health
insurance, reinsurance and life insurance to a diverse group of
clients. As an underwriting company, we assess, assume and manage
risk with insight and discipline. We service and pay our claims
fairly and promptly. The company is also defined by its extensive
product and service offerings, broad distribution capabilities,
exceptional financial strength and local operations globally.
Parent company Chubb Limited is listed on the New York Stock
Exchange (NYSE: CB) and is a component of the S&P 500 index.
Chubb maintains executive offices in Zurich, New
York, London, Paris and other locations, and employs more
than 30,000 people worldwide. Additional information can be found
at: www.chubb.com.
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such
as statements regarding Chubb's premium revenues and investment
performance, reflect the company's current views with respect to
future events and are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Such
statements involve risks and uncertainties, which may cause actual
results to differ materially as set forth in these
statements. Additional information regarding factors that
could cause differences from these forward-looking statements
appears in the company's filings with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date on which they are made.
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SOURCE Chubb Limited