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ITA Pro Weekly, July 12, 2019

Chubb, Nationwide, and other news from the ITA

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Hot Off The Presses!

First Major U.S. Insurance Company to Stop Insuring and Investing in Coal

Chubb, the largest commercial insurance company in the United States, announced a new policy on coal to address the climate crisis. According to the policy, Chubb will stop insuring new coal-fired power plants and phase out coverage of coal mining companies by 2022. Chubb will also restrict coverage to power companies that produce more than 30% of their energy from coal and immediately cease new investments in coal companies.
 
“With this policy, Chubb has become the first major U.S. insurance company to acknowledge the key role the insurance industry has to play in stopping the climate crisis,” said Lindsey Allen, Executive Director of Rainforest Action Network. “New coal projects cannot be built without insurance, and Chubb just dealt a blow to the dozens of companies that are still betting on the expansion of coal globally. We are encouraged to see Chubb taking real action to address climate change and insure a healthier future.” 

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Need for Speed-to-Market Driving Nationwide Platform, Powered by Bold Penguin

Business owners are in rapid-fire operational mode to expand and grow in today’s competitive environment.  Successful insurance agents in turn are feeling the pressure to provide fast, easy and affordable solutions for business clients with complex protection needs. 

In response, Nationwide is executing a multi-pronged strategy to develop digital solutions and expedited underwriting for agents and consumers. Speed-to-market with solutions is a key driver for competitiveness for Nationwide.

One part of Nationwide’s strategy is to partner with Bold Penguin, a Columbus-based technology firm focused on the commercial lines space.

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