Munich Re’s recent decision to pull back from covering new oil and gas developments is the most significant move among a growing list of global insurers that are planning to wind down their involvement in the fossil-fuel business.

From April next year, the world’s largest reinsurer will no longer provide cover for new oil and gas fields, and it confirmed that will include related cargo and seaborne transportation.

The withdrawal includes Munich Re’s role as a reinsurer and primary insurer.