Major South Korean insurers to stop underwriting new coal projects

The confirmation follows pressure from a network of civic groups.

Major South Korean non-life insurers have declared that they will stop providing coverage to new coal power projects, reports Reuters.

DB Insurance, Hyundai Marine & Fire Insurance and Hana Insurance said they will stop underwriting coal power projects, with DB Insurance adding it will gradually retract its existing insurance coverage to operating coal plants, whilst 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 the country by 2030.

National Assembly member Lee So-young's office said the total coal underwritings by major South Korean insurers were around $52.18b (KRW59.2t), 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, pledged to step up their coal-free policies by banning investments in the coal industry.

Here’s more from Reuters.