Activist groups urge insurers to drop coverage of oil sands pipeline
Self-insurance by the government for the expansion would cost taxpayers C$1.1 billion, the groups said.
Pressure
is growing for financial companies to pull back from insuring and
investing in polluting industries like coal and oil as part of an effort
to combat climate change.
The coalition sent a letter to 27 companies registered to insure the pipeline, including Munich RE [MUVGGR.UL], Talanx (TLXGn.DE) and Zurich Insurance Group AG (ZURN.S), asking them to drop their coverage before Aug. 31, the deadline for Canada to renew its liability insurance.
The groups said they hope the pressure “will show the Canadian government that the expansion is uninsurable.”