Leading European insurers are underwriting nearly a third of US coal production despite their net-zero commitments, reveals a new report released today by Insure Our Future.

Lloyd’s of London, Zurich and Swiss Re are among the top ten insurers of the 25 biggest US mines, which produced more than 60 per cent of the country’s coal in 2022.

In response to global pressure and targeted campaigning from Insure Our Future and other networks, 45 major insurers have adopted policies restricting coal underwriting in recent years. However, the report finds that leading insurers are exploiting loopholes or violating their own policies to continue underwriting coal mines.

AIG is the biggest underwriter of US coal, insuring seven mines producing 167 million short tons in 2022, 28.1 per cent of national output. Lloyd’s of London comes second, with Lloyd’s insurers underwriting 10 mines producing 135 million short tons, 22.8 per cent of output.

Mary Sweeters of the Insure Our Future campaign said; “This damning report perfectly illustrates the problem: insurers are publicly committing to net-zero emissions and restrictive fossil fuel policies, yet behind closed doors they continue to underwrite dirty fossil fuel projects, violating their own policies or exploiting loopholes. They are fuelling the climate crisis and profiting from it, while greenwashing their business with empty promises.”

Covering Coal: The Top Insurers of US.Coal Mining is based on public record requests for insurance certificates. Because they only cover the top 25 producing mines individual insurers may well be underwriting a greater percentage of US coal production.

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