Australia's QBE will the first outside of Europe to stop selling insurance for thermal coal mines, power stations or transport infrastructure from 1 June 2019, in a bid to eliminate all direct services, apart from statutory or compulsory insurance, for thermal coal customers by 1 January 2030. The Australian government has announced that it is ending its support for coal-fired electricity generation and replacing it with renewable energy sources such as wind and solar. The move is part of the company's 2018 Climate Change Action Plan, and follows similar decisions taken by Swiss Re, Munich Re, Allianz, AXA and Zurich.
Australia's QBE will the first outside of Europe to stop selling insurance for thermal coal mines, power stations or transport infrastructure from 1 June 2019, in a bid to eliminate all direct services, apart from statutory or compulsory insurance, for thermal coal customers by 1 January 2030. QBE said it would continue to both insure and invest in metallurgical coal, as well as the oil and gas industry. The move is part of the company's 2018 Climate Change Action Plan, and follows similar decisions taken by Swiss Re, Munich Re, Allianz, AXA and Zurich.