Insurer Chubb announces plan to cut coverage of coal production + usage in power plants

MAJOR INSURER RESPONDS TO CLIMATE CHANGE

On July 1, 2019, Zurich based Chubb Limited (NYSE: CB), the self-described "world's largest publicly traded property and casualty insurance company," 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.

Quoted in a press release, Evan G. Greenberg, Chairman and CEO of Chubb said that the company recognizes the risks of climate change and "the impact of human activity on our planet"  and that "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," he commented.

Because Chubb is the self-described "leading crop insurer in the U.S. with a $2.3 billion agriculture insurance business and an agribusiness serving the commercial P&C needs of farmers and ranchers," the company is clearly facing an extraordinary amount of loss claims from farmers and ranchers besieged by the record breaking floods of 2019.

Chubb's 2018 Annual Report disclosed that the company views Climate Change as an existential threat. The Chairman's remarks reveal that while last year's disasters were of less magnitude than the record–setting levels of 2017, it nonetheless was a major year for Natural Catastrophe claims, with insured losses around $80 billion, possibly the fourth highest in 50 years.

"Chubb's decision to implement this new coal policy clearly reflects the company's perception that phasing out coal production and usage is in their long term self interest, which now seems to be aligned with that of the planet," commented Dana Johnston, President of the grass-roots environmental nonprofit, Mainstream Green. "I am delighted that Chubb has taken this meaningful step. Hopefully other companies will follow suit, without delay. We have precious little time to reverse this path to planet disaster!"

Chubb's CEO, Mr. Greenberg, also expressed the opinion that "government social policies ...insulate people and society from the true costs of their decisions." He makes the point that when people choose to live in more urban than rural areas, or near water or wilderness, they put themselves at greater risk of loss to natural catastrophes. The company plans to make sure that insurance premiums increase commensurately with the risks to be covered.  "We must face the reality that there is a greater cost citizens must bear to remain protected. Insurers don’t have a printing press," he wrote.

To view the policy and other information about Chubb's commitment to the environment, click here.

Read This Before Plant Shopping This Weekend!

This NYTimes article reports climate change is causing a northward shift of warmer weather, changing what plants thrive where as hardiness zones heat up. We hope you are going to plant more perennials, trees or shrubs, to help cool the planet, but before you plant, figure out which ones will flourish in the coming years. Click or tap on the image to access the article, and see for yourself, the warming trend on the map, which shows information furnished by the National Oceanic and Atmospheric Administration.

NYTimes article reports climate change causing northward shift of warmer weather, changing what plants thrive as hardiness zones heat up

Kick 2017 out with donation to fight for climate


Will you remember 2017 for the devastating floods? Monster hurricanes that ravaged Houston, Texas, South Florida and completely destroyed Puerto Rico?  Uncontrollable fires?  Blue algae poisoning fresh water sources in CNY and all over the USA?  One of the largest oil spills in North America, more than 200,000 gallons of crude oil spilled from Keystone pipeline?  One thing you won’t want to remember is that  2017 was “the” year you didn’t do ALL you could to fight climate change.
Climate change is the most dangerous social justice and geopolitical issue EVER in human history.
When food and water are most scarce, who will have it and who will not?
When severe weather destroys more communities, which ones will see the most suffering but least resilience or reinvestment?
Will Puerto Rico be the example of what will happen in poor communities all over the United States?
Please join the fight today, with a donation to Mainstream Green, because climate change is here, it is growing, and humans can no longer afford to ignore it.
Mainstream Green has posted a year end fundraiser on Facebook: Dana’s Not Another Hotter Year fundraiser for Mainstream Green, Inc.
Please donate there (or use the link or mailing address on this page) and then share it on your timeline, and ask other people to donate, also. Any amount will help. Facebook accepts donations and passes them along to us for free. Your donations are TAX DEDUCTIBLE (for the last time this year!) because Mainstream Green, Inc. is a 501C3 nonprofit corporation.

Climate change affecting coastal real estate markets

Ocean occupies Florida roadways, palm trees road signs looking out of place

Impact of Climate Change: Rising oceans cause undertow for coastal real estate markets in U.S.A

Projections of rising seas and more severe and potentially catastrophic weather events due to climate change is affecting real estate values and decision making in coastal communities of the United States.  See this NYTimes article for more info.

Picture of NY times article about coastal flooding due to climate change