June 20, 2018 / 8:29 AM / a year ago

UPDATE 1-Hannover Re adopts greener investment policy amid industry shift

* To no longer invest in coal or mining companies

* Industry under pressure from environmental groups

* 17 insurers have divested from coal, group says (Updates with comment from environmental group)

FRANKFURT, June 20 (Reuters) - Hannover Re will no longer invest in companies that earn 25 percent or more of revenue from mining or burning coal, a spokesman said.

The German reinsurance group is the latest to adopt a greener investment policy as the industry comes under pressure from environmental groups.

The spokesman said in an email to Reuters on Tuesday that the policy began “some months ago”. But details of the policy are new.

In May, Allianz said it would immediately stop insuring single coal-fired power plants and coal mines.

According to environmental group Unfriend Coal, 17 insurers, with more than $6 trillion in assets, have adopted coal divestment policies and withdrawn $30 billion from the sector.

“With close to half the global reinsurance market divesting from coal, the world’s ultimate underwriters of risk clearly see no future for a fuel which is the biggest single source of carbon emissions,” said Peter Bosshard, coordinator of the Unfriend Coal campaign.

“This sends a strong message to the governments, investors and financiers that decide on the future of the global energy sector,” he said. (Reporting by Tom Sims Editing by Maria Sheahan and Douglas Busvine)

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