Lemonade sours on coal investments

US insurer Lemonade has become of the first American firms in the market take a stance against investments in fossil fuel or coal-related business. According to Daniel Schreiber, chief executive of the fledgling insurer, Lemonade does not currently have any investments in fossil fuels. He is calling on the US market to follow the lead of some of the largest European re/insurers which have begun to distance themselves from thermal coal and fossil fuel-based investments. Data from the Unfriend Coal initiative pegs insurance-based investments in fossil fuels at a total of $590bn. Out of 1247 insurers questioned about whether they would refrain from investing in coal in 2016 by the California Department of Insurance (CDI), 872 stated that they would not refrain from doing so going forward, highlighting the reluctance of leading US firms to follow the lead of their European counterparts. Data from the CDI shows that life insurer’s investments in fossil fuels far outstrip that of P&C insurers, at $480.1bn compared with $74.7bn.

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