"Insurance Snub Pushes Coal Miners to Save for Uncertain Future"
Coal producers are facing difficulties in obtaining insurance coverage as dozens of insurers restrict their cover for the coal industry due to pressure from shareholders, governments, and environmental groups. This has led to increased costs and the need for self-insurance, tying up funds on the balance sheets of coal companies. The dwindling supply of insurance has resulted in rising premiums, making financing more challenging. While some coal producers are finding workarounds and production continues to rise, industry analysts warn that the lack of insurance coverage could leave companies vulnerable to large costs in the event of accidents or disasters. The International Energy Agency forecasts a surge in global coal supplies by 2023, but the availability of insurance for thermal coal assets is expected to continue shrinking.