Insurer Hannover Re has announced that it will terminate the reinsurance of newly planned coal-fired power plants or mines - one of the core demands in the campaign of German campaigning organisation urgewald and the international NGO network Unfriend Coal.

No new coal-fired power plants and mines will now be insurers, however, this restriction only affects the insurance of individual projects, but not the much larger business with so-called ‘treaty re-insurance’, in which packages from primary insurances are reinsured.

In addition, fellow insurer Talanx has announced similar restrictions, bringing the total number of global insurers restricting insurance in coal-based projects to 13.

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