Chubb accused of U-turn as coal deal allegedly struck

Chubb is reportedly providing reinsurance cover for a coal power station in Vietnam – appearing to contravene its own climate policy.

The alleged move was revealed in an investigation by The Bureau of Investigative Journalism on 23 July 2025.

Chubb was the first major insurer with US operations to restrict underwriting for coal in 2019. At the time, its chairman and chief executive, Evan Greenberg, said the business recognised “the reality of climate change” and would “do our part as a steward of the Earth”.

Its underwriting guidelines prohibit cover for companies that derive more than 30% of energy generation from coal.

However, the (re)insurer is now reported to have underwritten Nghi Son 2, a 1.2GW coal-fired power plant on Vietnam’s coast, which is expected to emit up to 175m tonnes of carbon dioxide over 25 years.

The Bureau cited insurance sources who said Chubb offered coverage for the plant at a discount compared to the previous year.

Market impact

According to data from campaign group Insure our Future, insurers have accelerated the shift away from coal. This is also evidenced by a recent study from the University of Zurich, which reveals that insurance companies with coal restrictions reduced the number of insured coal mines by 16% and the amount of insured coal by 56% in the US between 2014 and 2024.

At the start of 2025, Insure Our Future outlined demands for the insurance industry regarding its involvement in the fossil fuel sector.

Their demands include halting underwriting for new coal, oil and gas projects, as well as divesting from fossil fuel companies that lack transition plans by 2025.

However, a source quoted by the Bureau said the reported move by Chubb may encourage other insurers to “move back into coal by using loopholes in their climate policies”.

Chubb has not responded to a request for comment.