25 February 2021
Another Lloyd’s insurer that is currently providing cover for the Adani Carmichael project has committed to not renewing or taking on any new policies with the destructive coal project.
In a victory for the #StopAdani movement, Brit, one of Lloyd’s biggest insurers, has committed to not renew insurance for any works associated with the Adani Carmichael coal project and to never insure the operational phase of the mine.
In a statement provided to the Insure our Future campaign (as reported by Reuters), Brit stated:
“Brit does not, has never, and will not write any policies relating directly to the Adani Carmichael coal mine itself. In addition, Brit also confirms that it does not plan to renew any risks involving any other [infrastructure] associated with the project.“
This makes Brit Adani’s 3rd current Lloyd’s insurer, after Aspen and Apollo, that has ruled out any further coverage for the Carmichael project. In total, 93 companies have so far ruled out working with Adani, including 31 major insurance companies.
With Brit, Aspen and Apollo gone, Adani’s options in the Lloyd’s marketplace are rapidly shrinking, raising serious doubts about Adani’s ability to secure the insurance it needs to operate the mine in the next 5, 10, 20 years of planned operations.
Market Forces is now calling on the few remaining Lloyd’s insurers, including MS Amlin, Lancashire, Ascot, Markel and Hiscox to distance themselves from this massive new coal project.
Every insurance company on Earth should be running a mile from this climate-wrecking mine. The project will help open up a massive new thermal coal basin in the midst of a climate crisis, it is being contested by Traditional Owners who have not given their consent, it is destroying endangered species habitat and draining water supplies. Adani Carmichael is a reputation destroyer for any company associated with it.
Unfortunately, some Lloyd’s insurers have blocked our email actions coming through the Market Forces website thinking that would silence us, but we have now created a workaround to make sure that your email will still reach them.
Make sure you’re signed-in to your email program and then use this form to tell the remaining Lloyd’s insurers that insuring Carmichael coal is terrible for the climate, the Great Barrier Reef, water supplies, biodiversity and their reputations!