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Insurance companies that have long said they'll cover anything, at the right price, are increasingly ruling out fossil-fuel projects because of climate change—to cheers from environmental campaigners.
More than a dozen groups that track what policies insurers have on high-emissions activities say the industry is turning its back on oil, gas, and coal. The alliance, Insure Our Future, said Wednesday that 62 percent of re-insurance companies—which help other insurers spread their risks—have plans to stop covering coal projects, while 38 percent are now excluding some oil and natural gas projects.
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