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July 1 (Reuters) - Insurer Chubb Ltd on Monday decided to cut its exposure to operators of coal-powered plants and said it will not underwrite new risks for companies that generate more than 30% of their revenue from coal.
Chubb said for existing coal plants insurance coverage for risks that exceed this threshold will be phased out by 2022, and for utilities beginning in 2022.
Additionally, it will also not invest in companies that generate more than 30% of revenue from thermal coal mining or energy production from coal.
Chubb joins other financial institutions, including Lloyds Banking Group, Hannover Re and Allianz Group, in scaling back its exposure to coal. At least 34 coal divestment or restriction policy announcements have been made by financial institutions since the start of 2018, according to a report http://bit.ly/2xlmW3N published in February by the Institute for Energy Economics and Financial Analysis.
Chubb said the exceptions to the new policy will be considered until 2022, taking into account an insured company's commitment to reduce coal dependence and also regions that do not have practical near term alternative energy sources.
The company's new coal policy is expected to have minimal impact on premium revenue and no impact on investment performance, Chubb said. (Reporting by Shanti S Nair in Bengaluru; Editing by Arun Koyyur)