Home > Adani could be doing an insurance deal with Lloyds, Canopius and AXIS Capital

Adani could be doing an insurance deal with Lloyds, Canopius and AXIS Capital

1 October 2019

UPDATE 4 October 2019

AXIS Capital and Canopius have withdrawn from the rail line insurance deal!

AXIS made a statement saying it "...confirmed that AXIS has withdrawn its quotes for the Adani railway."

Canopius has also made a statement saying “Canopius is not involved in any negotiations to provide insurance coverage for the Adani mine project”.

While Canopius' statement didn't specifically mention the rail line, subsequent correspondence has confirmed its statement applies both to the mine and rail components of the Adani Carmichael project.

This makes it 16 major insurance companies that have now ruled out all or part of the disastrous Adani Carmichael coal project.

Lloyd's of London is still open to allowing insurance to be provided to Carmichael in its marketplace. The email action on this page now goes to Lloyd's only.

1 October 2019

To get its disastrous, climate-wrecking coal project off the ground, one of the things Adani needs is insurance.

So far, we have convinced 14 major insurance companies to rule out getting involved, and while Adani has been able to secure temporary insurance for its preliminary works, it still needs to source insurance for the much larger construction phase.

This may be about to happen and we need you to take action to stop it.

Late last week we received information that Adani’s insurance broker, Marsh, could be in negotiations with US and UK insurance companies AXIS Capital, Canopius and Lloyds of London to cover the Carmichael rail line construction.

We need to act fast. Can you fill out the form on this page to contact the companies’ head offices and ask them to refuse to insure Adani?

We’ve recently been joining efforts with other #StopAdani groups to convince US insurer AIG, believed to be providing insurance for Adani’s preliminary works at the mine site (at least until 30 September), to walk away. We will keep pursuing AIG while also working to ensure no major insurance deals get done for the Carmichael project’s construction.

Insurance companies are on the front lines of the climate emergency. They are the ones that pay out when floods, bushfires and storms strike, and they are doing so with increasing frequency.

Helping produce more coal is not in the interest of AXIS, Canopius, Lloyds or anyone else. Take action now to help us convince them of this fact.

Take Action:

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Subject: (for the email to Lloyds). Writing your own subject makes your email more powerful)
Your message to Lloyds (you can personalise and amend this, your name will be automatically added at the end)
Dear Mr Neal, CEO, I’m writing to demand that you immediately commit to refuse to allow insurance to be provided to the Carmichael coal project in Queensland, Australia, including the mine, railway line and port, inside the Lloyd’s marketplace. Adani's proposed Carmichael coal mine is the most environmentally and socially contentious project in Australia's history, the object of years-long international controversy and resistance. It would have dire consequences for the climate, with emissions from the coal burned over its lifetime equivalent to eight years of Australia’s annual greenhouse gas emissions. The fact that it would act as a gateway project, opening up an entirely new thermal coal basin containing billions of tonnes of coal makes its potential climate impact even greater. It would increase shipping and industrial activity in the already stressed Great Barrier Reef World Heritage Area. And the traditional owners of the land on which the mine would be dug, the Wangan and Jagalingou, continue to oppose the project. Any company associated with this climate-wrecking project faces massive reputational risks including being the target of the immense public opposition to Adani's Carmichael project. These are risks that are not worth taking. Fifty-nine companies, including 16 major insurers, have publicly declared that they will not support the project. I call on Lloyd’s to rule out allowing any insurance services for all aspects of the Carmichael coal mine and rail project proposed by the Adani Group of companies, and furthermore exclude the Adani group as a whole until the Carmichael project is cancelled. I look forward to you prompt reply.
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