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Uniqa Insurance Group divests, ends underwriting for coal-related businesses

Austria-based Uniqa Insurance Group AG adopted a corporate strategy on climate change that makes it the 10th major insurer to exclude coal-related businesses and projects, according to a March 14 release.

Uniqa divested from coal-based businesses as of Jan. 31 and ended underwriting for the category, which it defines as companies that get more than 30% of their revenue from coal, produce more than 30% of their energy from coal or mine more than 20 million tonnes of coal per year.

Existing clients will be insured until 2025 if they develop sustainability criteria and transition plans.

Mapfre SA, Vienna Insurance Group AG, Generali, Munich Re Co., Swiss Reinsurance Co. Ltd., Allianz SE, Zurich Insurance Group AG, Scor SE and Axa have also pledged to restrict coverage for coal-based projects and businesses.