Italy's Largest Insurer Stops Coverage for Downstream Oil and Gas

Global oil and gas face an ever-increasing diffuse financing future, as not only politicians and pressure groups call for divestments or an end to financing oil and gas, but also insurers are leaving the market. At the same time, demand for hydrocarbons is still up, even though the IEA calls for investments again. In a surprise statement, Italy’s largest insurer, Generali, reports to end its new coverage of downstream operations, mainly oil and gas transportation, processing, and distribution. There is a caveat clause; coverage can be given…