Samsung Fire & Marine and Samsung Life, Good Insurers for Coal
Samsung Life and Samsung Fire & Marine have provided about $12.6 billion for coal projects over the past 12 years, the highest amount among private financial institutions in South Korea.
They are supposed to protect people from catastrophic risks, but their finance for dirty coal projects is actually contributing to global warming and making people sick.
Largest coal financiers
in private sector
coal projects worth
coal power plants
Up to 33K
You can’t drive a car or buy a house without insurance. Likewise, without insurance, energy companies cannot build or operate destructive fossil fuel projects.
Insurance coverage allows carbon-intensive projects such as coal plants and tar sands mines and pipelines to be built and operated.
Once built, fossil fuel infrastructure locks us into dirty and expensive energy that is causing climate change and harming public health.
Insurance companies invest customers’ premiums in fossil fuel companies - that is how they make money. As the ultimate manager of risk, the insurance industry quietly shapes modern society, deciding what type of projects can be built and operated.
Insurers are in the business of risk management. They are experts at modeling catastrophe risk, pricing risk, and designing preventive measures. In fact, leading insurance companies were among the first to publicly acknowledge climate change and to call for action in the 1970s.
However, insurance companies have financed fossil fuels projects. In the aftermath of record-breaking wildfires, hurricanes, and flooding, insurance companies are increasing premiums and restricting their coverage in areas prone to climate change-induced risk. Simultaneously, they continue to provide coverage and invest billions in the companies and projects causing climate change.