If he gets tired of the insurance business, Evan Greenberg should consider a job at the Environmental Defense Fund or in the post-Trump Environmental Protection Agency.
The CEO of the Chubb Group announced today that it is banning coverage for coal companies.
The world’s largest publicly traded property/casualty insurer will no longer underwrite construction of new coal-fired plants or for companies that generate 30 percent of their revenue from coal mining or production.
Chubb will drop existing clients that exceed those benchmarks by 2022.
"Chubb recognizes the reality of climate change and the substantial impact of human activity on our planet," Greenberg said in the statement announcing the policy. "Making the transition to a low-carbon economy involves planning and action by policymakers, investors, businesses and citizens alike. The policy we are implementing today reflects Chubb's commitment to do our part as a steward of the Earth."
Greenberg sounds like hard-core greenie.
Though headquartered in Zurich, the bulk of Chubb’s business is in the US.
Chubb is first major US insurance operator to act on climate change. Will AIG and Travelers travel the same path?
European insurers such as Swiss Re, Axa, Zurich and Allianz have already announced plans to get out of the coal business.
Hat's off to Evan Greenberg, son of insurance business legend & ex-CEO of American International Group, Hank Greenberg.