Zurich Insurance Group

With global climate change threatening to wreak havoc on their industry, insurance companies are increasingly looking to limit their exposure to the fossil fuel sector.

Following pressure from Indigenous and climate activists, Trans Mountain insurer Argo Group is slashing ties with the Crown corporation.

The news comes roughly a year after the large Swiss insurance company declared it would reject companies that operate "purpose-built" transportation infrastructure for oilsands products, including pipelines.

A coalition of environmental and Indigenous groups is calling on insurance companies to drop or refuse to provide coverage of the Trans Mountain pipeline, although they concede its lead liability insurer has said it will continue to serve the federal government-owned company.