QBE, Suncorp among global insurers exiting coal: Unfriend Coal

Australian insurers QBE and Suncorp are among global insurers and reinsurers withdrawing cover for new coal projects, according to the third annual Unfriend Coal scorecard. Seventeen of the world's biggest insurer have announced they are withdrawing cover for coal project, mines and power plants. That represents 46% of the reinsurance market and 9.5% of the primary insurance market, according to Unfriend Coal. Most insurers refuse to ensure new mines and power plants, while global industry leaders have ended cover for existing coal projects and the companies that operate them, and adopted similar policies for tar sands. QBE and Suncorp announced exit policies this year, while in other Asia Pacific markets, Japanese, Chinese and Korean insurers such as Tokio Marine, SOMPO, Sinosure and Samsung Fire & Marine continue to play a critical role in insuring coal, the report noted.  Almost all major European insurers have adopted coal exit policies. However, most specialty insurers on