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Aug 2022

Utilities struggle to insure new coal power

Source: Asia Insurance Review | Jul 2022

Utilities are struggling to find insurance to build new coal power outside China according to a new report by the Insure Our Future (IOF) campaign and Korean non-profit company Solutions for Our Climate.
 
The insurance contracts for Korea’s national power utility (KEPCO), also reveal that it is having to turn to smaller, inexperienced companies to secure cover for coal power plants that are already in operation as growing numbers of mainstream insurers withdraw from the sector.
 
IOF global coordinator and lead author of the report Peter Bosshard said, “Major international insurers have withdrawn from coal projects and been replaced by a haphazard coalition of the willing, consisting of a few global climate laggards, small speciality insurers and assorted companies from the global south.”
 
He said, “Our report exposes Starr, Liberty Mutual, Berkshire Hathaway, Allied World and Lloyd’s of London as the coal industry’s last lifeline.” A 
 

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