A major insurance company dropped coverage for the Trans Mountain expansion project, an oil pipeline seen as vital to the growth of Canada’s oil sands. Under pressure from environmental groups and growing global concerns about climate change, insurance companies are beginning to drop coverage for large-scale energy infrastructure. Swiss insurance company Zurich announced on Wednesday its decision not to renew coverage for the Trans Mountain expansion, a pipeline that was effectively nationalized by the Canadian government for C$4.5 billion. Kinder Morgan, the previous owner, had planned on scrapping the project altogether due to legal uncertainty, rising costs and protests from First Nations and environmental groups. The government of Prime Minister Justin Trudeau bought the project in 2018, allowing Kinder Morgan to exit, and he vowed to build the pipeline. The Trans Mountain pipeline just prevailed in a major Canadian Supreme Court case a few weeks ago. Ruling in favor […]