(Reuters) – South Korea's three major non-life insurance companies told Reuters on Tuesday that they will no longer provide coverage for new coal-fired power projects, including their construction and operation.
DB Insurance, Hyundai Marine & Fire Insurance and Hana Försäkring said they will stop signing coal power projects.
DB Insurance added that it will gradually withdraw its existing insurance coverage to operate coal plants, while the other two said they will retain their existing insurance coverage. a network of community groups called Korea Beyond Coal, which has advocated a complete decommissioning of coal in Korea by 2030.
In a statement on Tuesday, the network said the three major insurers, along with Hanwha General Insurance, had said they would no longer insure the construction and operation of new coal power projects.
Hanwha General Insurance could not be immediately reached for confirmation.
National Ass office member Lee So-Young's office said that total coal insurance from major South Korean insurance companies was about 59.2 trillion won ($ 52.1
At the end of last year, insurance companies promised South Korea's largest conglomerate Samsung Group, including Samsung Fire & Marine Insurance, to increase their carbon-free policies by banning investment in the coal industry.