A growing number of insurance companies are cutting ties with the fossil fuel companies they used to cover. New insight from data analytics firm Verisk finds that over 30 years, insurers sustained roughly $60 billion in onshore and offshore large risk losses from fossil fuel companies, with only another $30 million or so coming from other companies. The author urges a push toward renewables, examining the obstacles leading to industry hesitancy and how it might overcome them.
Late last year, Lloyd’s of London announced plans to stop selling insurance for some…
