For the insurance industry to fulfill its stated commitment to combat climate change, it may want to accelerate its efforts to exit the oil and gas industry . To date, just one insurer has promised to take “significant action” in this regard, according to analysts at Societe Generale SA. Australia’s Suncorp was the first to announce it would no longer provide coverage for all new oil and gas production projects. While insurers (23 in all) have moved to end their underwriting of coal-related activities , they have been slow to act on oil and gas. That’s mainly because the insurance market for those fossil fuels is considerably larger, with estimated premiums of more than $17 billion in 2018, compared with $6 billion for coal power, said Peter Bosshard, program director at the Sunrise Project and global coordinator of Insure Our Future (IOF). Reducing exposure to oil and gas has […]