Zurich to halt coverage of new fossil-fuel exposures

Zurich will no longer underwrite new oil and gas projects, and is cracking down on clients planning to expand in metallurgical coal mining, according to Bloomberg.

Zurich says its policy update is limited to new fossil-fuel projects, and that it will continue to underwrite existing ones. The measures are unlikely to have a significant impact on Zurich’s bottom line.

Further details of the policy will be included in the insurer’s climate-transition plan, which will be announced later this year.