S.Korea's major insurers say will stop underwriting new coal power

Samsung Fire & Marine Insurance

22/06/2021 12:45

By Joori Roh
    SEOUL, June 22 (Reuters) - 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  005830.KS , Hyundai Marine & Fire Insurance
 001450.KS  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.
    Hanwha General Insurance  000370.KS  could not immediately
be reached for confirmation.
    National Assembly member Lee So-young's office said the
total coal underwritings by major South Korean insurers were
around 59.2 trillion won ($52.18 billion), with Samsung Fire &
Marine, DB Insurance and Hyundai Marine & Fire being the three
biggest coal insurers. 
    Late last year, insurance affiliates of South Korea's
biggest conglomerate Samsung Group, including Samsung Fire &
Marine Insurance  000810.KS , pledged to step up their coal-free
policies by banning investments in the coal industry.
 urn:newsml:reuters.com:*:nL1N2HY11I
    ($1 = 1,134.5600 won)

 (Reporting by Joori Roh; editing by Barbara Lewis)
 ((joori.roh@thomsonreuters.com; +82 2 6936 1493;))