Lloyd’s Of London Declares Coal A Bad Bet

Lloyd's of London to divest from coal over climate change; Firm follows other big UK and European insurers by excluding coal companies from 1 April

Julia Kollewe, January 21, 2018 (UK Guardian)

“Lloyd’s of London, the world’s oldest insurance market, has become the latest financial firm to announce that it plans to stop investing in coal companies…Lloyd’s will start to exclude coal from its investment strategy from 1 April. The definition of what is a coal company and the criteria for divestment will be set over the coming months…The firm has long been vocal about the need to battle climate change, with insurance one of the worst affected industries by hurricanes, wildfires and flooding in recent years…The insurance market decided last month to implement a coal exclusion policy as part of a responsible investment strategy for the central mutual fund that sits behind every insurance policy written by the Lloyd’s market…Lloyd’s has been slower to take action than others. Other big UK and European insurance companies, including Aviva, Allianz, Axa, Legal & General, SCOR, Swiss Re and Zurich, have been shifting away from coal and other fossil fuels due to concerns about climate risks. About £15bn has been divested by insurers in the past two years… click here for more

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