Tokio Marine to back out of thermal coal mining projects

First move by Japanese insurer sets trend, as the fuel falls out of favor

Tokio Marine will be the first Japanese insurer to back out of the coal mining business. (Source photos by Yuki Nakao and Kei Higuchi)

Nikkei staff writers

September 27, 2021 18:01 JST

TOKYO -- Tokio Marine Holdings will stop underwriting and financing new coal mining projects that generate thermal power in Japan and abroad from October, Nikkei has learned, a move likely to be followed by other domestic insurers.

Without insurance against accidents, natural disasters, fires and construction-related mishaps, coal miners will find it hard to operate. Tokio Marine will be the first Japanese insurer to pull out of the business. Western insurers, such as Germany's Allianz, have already taken such steps.