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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Zurich Insurance Group Ltd    ZURN   CH0011075394

ZURICH INSURANCE GROUP LTD

(ZURN)
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Delayed Quote. Delayed Swiss Exchange - 10/23 11:31:33 am
315.1 CHF   +1.38%
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Businesses call on U.S. insurers to ditch fossil fuel underwriting

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09/17/2020 | 03:25pm EDT

Sept 17 (Reuters) - A group of about 60 American businesses on Thursday urged their insurers to stop providing coverage to and investing in fossil fuel producers.

In a letter, companies including outdoor-gear producer Patagonia and ice-cream maker Ben & Jerry's, a unit of Unilever , called on U.S. insurers to drop ties to coal, oil and gas.

"The insurance industry is underwriting and investing in fossil fuels which we now know are the key drivers of climate change," they said.

"As insurance customers, we are therefore expressing our desire for insurance coverage in the U.S. market that isn't tied to supporting fossil fuels and actively supports renewable energy."

U.S. insurers reported almost $7 trillion in cash and invested assets, according to the National Association of Insurance Commissioners.

Insurers highlighted in the letter include American International Group Inc, Liberty Mutual, Chubb Ltd, Axis Capital and Hartford Financial Services .

According to the letter, Chubb, Axis Capital, The Hartford, and Liberty Mutual have policies to scale back or end underwriting of fossil fuels, but still continue to insure such projects.

A spokesman for The Hartford said the company announced its coal exit policy in December.

AIG said on its website it does not publicly comment on underwriting decisions related to specific projects, while Chubb declined to comment.

In recent years, environmental activists have pressured banks to drop financing for fossil-fuel companies.

Lobby groups such as Unfriend Coal have put pressure on insurers to stop underwriting carbon-intensive fuels like coal and oil sands.

Insurers can accelerate a transition to a low-carbon economy because having insurance is typically a condition for loans and investment.

The first 10 insurers to exit the coal sector were European, but some U.S. and Australian peers have also adopted coal exit policies, Unfriend Coal said.

Swiss Re AG and Zurich Insurance are the leaders in ending coal insurance, Unfriend Coal said. (Reporting by Noor Zainab Hussain in Bengaluru; editing by Lauren Tara LaCapra and Aditya Soni)


Stocks mentioned in the article
ChangeLast1st jan.
AXIS CAPITAL HOLDINGS LIMITED 1.69% 48.24 Delayed Quote.-18.84%
CHUBB LIMITED 1.09% 129.02 Delayed Quote.-17.11%
HARTFORD FINANCIAL SERVICES GROUP (THE), INC. 1.60% 40.61 Delayed Quote.-33.17%
LONDON BRENT OIL -1.65% 41.66 Delayed Quote.-35.76%
SWISS RE LTD 0.74% 67.98 Delayed Quote.-37.46%
UNILEVER PLC -0.57% 4694 Delayed Quote.7.90%
WTI -2.04% 39.715 Delayed Quote.-33.87%
ZURICH INSURANCE GROUP LTD 1.38% 315.1 Delayed Quote.-20.65%
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Financials
Sales 2020 45 562 M 50 377 M 50 377 M
Net income 2020 2 811 M 3 108 M 3 108 M
Net Debt 2020 4 504 M 4 980 M 4 980 M
P/E ratio 2020 16,2x
Yield 2020 6,30%
Capitalization 46 922 M 51 795 M 51 881 M
EV / Sales 2020 1,13x
EV / Sales 2021 1,06x
Nbr of Employees 55 000
Free-Float 98,0%
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Technical analysis trends ZURICH INSURANCE GROUP LTD
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 370,99 CHF
Last Close Price 315,10 CHF
Spread / Highest target 36,5%
Spread / Average Target 17,7%
Spread / Lowest Target -9,55%
EPS Revisions
Managers
NameTitle
Mario Greco Group Chief Executive Officer
Michel M. Lis Chairman
Kristof Terryn Group Chief Operating Officer
George Quinn Group Chief Financial Officer
Alison Jane Carnwath Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
ZURICH INSURANCE GROUP LTD-20.65%51 795
ALLIANZ SE-25.17%79 640
CHUBB LIMITED-17.11%58 235
MARSH & MCLENNAN COMPANIES2.06%57 592
HARTFORD FINANCIAL SERVICES GROUP (THE), INC.-33.17%14 546
BAJAJ FINSERV-37.92%12 571