In 2019, we established a global policy on coal underwriting and investing. We have met the investments goals for this policy and have nearly met those related to global underwriting. For the remaining handful of insurance policies, to meet this goal, we are actively managing the non-renewals or the phase-out plans for multi-year contracts, which we are bound to uphold until their expiration dates.

The insurance industry provides critical financial stability for the demands of today’s economy, while also advising on and helping to mitigate key risks for the future economy, which includes aspects of the energy transition. Further, the energy mix and demands for every region and community may look different, including the continued need for traditional energy sources, and we are committed to making sure the climate transition includes everyone. 

With that in mind, we continue to take a pragmatic approach and believe that as new energy sources are developed at scale, demand for new and expanded traditional energy projects will decline based on market forces and the evolution of public policy.

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