European Insurer Mapfre Extends Ban On Coal Underwriting
Law360, London (March 15, 2021, 12:40 PM GMT) -- Spanish insurance giant Mapfre SA has extended its ban on providing cover to coal projects, as pressure grows on underwriters to reconsider their relationships with fossil fuel industries.
Ignacio Baeza, vice chairman of the insurer, said Friday that the company will no longer insure infrastructure projects with links to coal mines or thermal power plants. Madrid-based Mapfre has also stopped underwriting risks connected to tar sands and oil and gas projects in the Arctic.
The move builds on an existing commitment from March 2019 to stop providing insurance for new coal mines and coal-fired power plants.
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