Insurance giants still cover coal-fired power plants
In Southeast Asia, more than 400 coal-fired power plants are currently under construction or in the planning stage. Many of these power plants will never get off the ground without insurers or reinsurers to cover the risks associated with their construction, operation or transportation of raw materials.
In a new report, the NGO Insure Our Future released the names of the insurers and reinsurers of five mega-projects of KEPCO, the second largest coal-fired power producer in Asia.
Included in the list are companies known for their environmental commitment yet contractually obligated to cover polluting projects initiated after the 2015 Paris Climate Change Conference (COP21).
Insurers of KEPCO's five largest coal-fired power plant projects
In million USD| Project | Country / Year | Amount of insured capital | Insurers / reinsurers (1) | Participations of insurers / reinsurers |
|---|---|---|---|---|
| Nghi Son 2 coal power plant | Vietnam / 2018 | 7220.5 | AIG Allianz Talbot Sompo Zurich XL Starr Swiss Re Allied World Hyundai | 1183.6 1120 621 610 535 493 489 437 395 334 |
| Jawa 9&10 coal power plant | Indonesia / 2019 | 5718.2 | Ping An Liberty Mutual AIG Sompo MS&AD Starr Berkshire Hathaway Allied World China Re Samsung | 902 773 566 467 460 422 415 201 176 151 |
| Vung Ang 2 coal power plant | Vietnam / 2021 | 4353.2 | MS&AD Tokio Marine Starr Sompo Berkshire Hathaway AIG Liberty Mutual PVI Convex Allied World | 1216 569 490 238 218 215 206 203 151 122 |
| China Gemeng International coal power plants * | China / 2021 | CPIC Ping An PICC CCIC China Life | ||
| Cebu coal power plant | Philippines 2021 | 556.1 | Best Meridian Korean Re China Re Starr AIG MS&AD Hannover Re QBE India International Hevetia Samsung Re | 67.6 59.9 55.3 37.4 34.6 33.3 30.9 25.6 24.9 22.9 22.9 |
* Missing data
(1) main insurers / reinsurers
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