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US insurer Chubb breaks climate promise to back coal plant [1]

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Date: 2025-07-23





First came the fires, then the floods. This year the US has been battered by extreme weather events that have killed hundreds of people and destroyed homes and livelihoods.

Compounding the tragedy, many of the people who lost their homes were not insured. Chubb, one of the world’s largest insurers, cut insurance cover in wildfire-prone areas of California in 2021, although the company still incurred $1.5bn in losses from the Los Angeles fires.

But insurers have also had to consider the causes of the climate crisis when it comes to what they choose to insure. Many insurance companies have stopped providing cover for coal projects – Chubb among them. It was the first group with significant US operations to turn its back on the industry in 2019.

So it will come as a shock to the market that Chubb has reversed its stance and taken on the role of lead reinsurer for a coal-fired power plant in Vietnam, as the Bureau of Investigative Journalism can reveal today.

Giovanna Eichner, shareholder advocate at Green Century Capital Management which holds shares in Chubb, said: “It's absurd for Chubb to continue to underwrite activities that are causing climate change and then turn around and pay for the claims and payouts caused by these activities.”

A breach of trust

Announcing its coal policy in 2019, Chubb’s chairman and chief executive Evan Greenberg said: “Chubb recognises the reality of climate change and the substantial impact of human activity on our planet. 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.”

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[1] Url: https://www.thebureauinvestigates.com/stories/2025-07-23/us-insurer-chubb-breaks-climate-promise-to-back-coal-plant

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