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MS&AD becomes first insurer in Japan to drop new coal power plants

June 30, 2021

Asia Insurance Review:

On 25 June, MS&AD adopted a policy that it would no longer insure or invest in new coal power plants, becoming the first Japanese insurer to make this move. The policy follows on the heels of similar announcements by four Korean insurers on 21 June, isolating Tokio Marine, Japan’s biggest insurer in the power sector, and its smaller rival Sompo, as some of the world’s last remaining coal insurers.

Japan Center for a Sustainable Environment and Society programme director Yuki Tanabe said, “We welcome MS&AD’s announcement to completely end insurance underwriting for new coal-fired power generation projects, and urge other Japanese non-life insurers, such as Tokio Marine and Sompo, to establish similar policies immediately.” 

[Ahmad Zaki]

More: First Japanese insurance company to adopt coal exit policy

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