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Major South Korea insurers will stop underwriting coal projects

June 23, 2021


South Korea’s three major non-life insurers told Reuters on Tuesday they will no longer provide coverage for new coal power projects, including their construction and operation.

DB Insurance, Hyundai Marine & Fire Insurance and Hana Insurance, said they will stop underwriting coal power projects.

DB Insurance added it will gradually retract its existing insurance coverage to operating coal plants, while the other two said they will keep their existing insurance coverage.

The confirmation follows pressure from a network of civic groups named Korea Beyond Coal, which has advocated for a complete coal phase-out in Korea by 2030.

In a statement on Tuesday, the network said the three major insurers, together with Hanwha General Insurance, had said they would no longer insure the construction and operation of new coal power projects.

[Joori Roh]

More: S.Korea’s major insurers say will stop underwriting new coal power

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