Chubb, the largest commercial insurance company in the US, has stated that it will no longer sell insurance for new coal-fired power plants, and to companies that derive more than 30 per cent of their revenues from thermal coal mining, making it the first US major insurer to do so.

The insurer said it will also stop investing in companies that have a large exposure to thermal coal mining or coal-based energy production.

The sheer size of Chubb makes its stance a significant milestone in action to divest from coal and is likely to followed in the US, as such moves have created a steady stream of European insurers who have cut coal from their portfolios

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