A group of climate activists targeting insurance companies in Connecticut over their support of carbon-intensive energy released a new report showing insurers in the state are investing $221 billion in fossil fuels.

The report from Connecticut Citizen Action Group, Sierra Club Connecticut and 10 other organizations in the state document the fossil fuel investments of Connecticut's 30 largest insurers including Travelers Cos. Inc., Hartford Financial Services Group Inc. and Cigna Corp. Activists are increasingly pressuring insurers and other financial service providers to distance themselves from coal and oil. Recognizing the state's high concentration of insurers, state senator Matt Lesser, a Democrat, recently introduced legislation to require more transparency into the sector's fossil fuel investments.

"Climate change will have a massive impact on all aspects of life in Connecticut, including expanding our vulnerability to emerging infectious diseases and pandemics," Lesser was quoted in a press release from authors of the report. "This report allows us to look at major players in one critical Connecticut industry and identify next steps for action."

The report said that The Hartford invests about $3.3 billion of its $13.7 billion of assets under management in fossil fuels, including $668 million in thermal coal. While Hartford adopted a policy in December 2019 excluding some fossil fuel businesses — including companies generating more than a quarter of their revenues from thermal coal mining or more than 25% of their energy production from coal — the groups criticized the insurer for including "loopholes" in the policy including long transition periods, not addressing diversified mining companies and not specifically excluding some companies involved in tar sands oil production.

The company did not immediately provide a comment on the report. However, at a Feb. 12 insurance conference, Hartford Chairman and CEO Christopher Swift said the company has been a leader on environmental, social and governance issues associated with their business.

"I do think it's becoming more relevant, more top of mind because you need a multidimensional focus, I think, for all stakeholders to create value over a long period of time," Swift said. "We have got to deliver to shareholders first, but I believe there are ways of balancing that with the other dimensions of creating a good work environment, a good community environment for the long term."

The report also criticized Travelers for holding $3.5 billion in fossil fuel investments with no policies to limit its fossil fuel insurance coverage or investments. A spokesman for Travelers was unable to immediately provide a direct response to the report April 10 but pointed to the company’s sustainability website.

The page said that as a core part of its business, Travelers continually monitors, assesses and responds to the risks and opportunities posed by changing climate conditions. When it comes to climate, the company says its underwriting strategy incorporates weather and climate variability into its underwriting and pricing decisions.

The activists' report points out that Cigna's $2.3 billion in investments in fossil fuels is the largest by market share among health insurers in the state. Cigna did not immediately respond to a request for comment.

"Any insurer that isn't aggressively rethinking their relationship with fossil fuels, even before the recent volatility in oil markets, is not fulfilling their fiduciary responsibility to investors, policyholders and the communities in which they operate," Tom Swan of the Connecticut Citizen Action Group, said in the press release.

The groups are asking insurance companies to divest of fossil fuel companies, reduce underwriting of those companies projects and to develop sustainable investment policies. The report and collaboration between the groups is part of a national campaign to get insurers to move away from fossil fuels. The groups' efforts are ramping up in the U.S. after similar movements in Europe and Australia reported success in driving insurers away from fossil fuels.

Fossil fuel companies have noted on recent earnings calls or in securities filings that the movement is limiting their options as insurers back away from fossil fuels. A Contura Energy Inc. executive recently said the "coal stigma" is increasing the rate on nearly any policy companies in the sector seek.

"Once built, fossil fuel infrastructure locks us into dirty and expensive energy that fuels extreme weather and worsens public health," the report states. "Insurers can give the green light to climate-killing fossil fuel projects, or they can take it away."