The Hartford to limit insurance for fossil fuel companies

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Snattlerake

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Idiots in high places...


The Hartford to limit insurance for fossil fuel companies


Make 25% of your money from coal or fossil fuel? We won't cover you.

The company also said it will not write policies or make investments in companies that generate more than 25% of their revenue directly from extracting oil from tar sands. It won’t cover or invest in the construction and operation of new coal-fired plants.

The Hartford posted around $19 billion in revenue in 2018. The company joins 18 global insurers in limiting or dropping coverage of energy companies that tend to rely on fossil fuels, but the Rainforest Action Network said The Hartford is the “first mainstream U.S. insurer” to restrict coverage for tar sands oil and coal.



The company said it plans to phase out policies or investments that currently violate those parameters by 2023.

https://apnews.com/27220c4323fd097b2d1380b0ab1fd35c

Rainforest Action Network

https://www.ran.org/staff/
 
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JD8

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LOL..... so the Hartford is virtually nonexistent in the Oil and Gas industry in Oklahoma..... or heck....they don't do a lot of construction or transportation either. They won't even do a roof over 10,000 sq ft. That's a number of commercial buildings. No biggie, they are losing market share of everything left and right.

For them to virtue signal this is pretty hilarious.
 

SlugSlinger

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I would say that most large oil & gas companies are self insured anyway. The Co. I work for is primarily self insured. Insurance is too expensive and not economical. They are self insured for health insurance as well.
 

Truckdriver

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I would say that most large oil & gas companies are self insured anyway. The Co. I work for is primarily self insured. Insurance is too expensive and not economical. They are self insured for health insurance as well.

Self insured doesn't always mean Self Insured. My employer (non oil field related) is self insured but that insurance is underwritten by The Hartford. We carry something like $2m self insurance but TH covers anything over that. Im fairly certain that oil companies have something similar as they dont like having millions and millions tied up in non productive insurance coverage accounts.
 

ronny

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I worked for The Hartford for many years. Was a very good company. But, I can assure you, for The Hartford to give up it's writings in the oil business (as stated) is like a mountain lion giving up eating apples. When I retired from The Hartford in '99, they wrote very little of this business and I doubt much has changed since. Sounds like word sauce to me.
 

inactive

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I worked for The Hartford for many years. Was a very good company. But, I can assure you, for The Hartford to give up it's writings in the oil business (as stated) is like a mountain lion giving up eating apples. When I retired from The Hartford in '99, they wrote very little of this business and I doubt much has changed since. Sounds like word sauce to me.


Very few companies are still involved with commercial that has environmental risk like this. Especially the big multi line like Hartford, or Farmers or Allstate that write a little commercial business. Like you said, this is just posturing/virtue signaling. The big commercial players already have all this business anyway. Like Allianz or AIG or Berkshire Hathaway (the non GEICO one), Zurich etc.
 

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