Home > Adani loses 5th current insurer for its Carmichael coal project.

Adani loses 5th current insurer for its Carmichael coal project.

15 June 2021

16 June 2021

In a victory for the #StopAdani movement and life on Earth, Ascot Group announced last week it has ruled out renewing its policy for the Adani Carmichael coal mine, once it expires in September this year.[1]

This makes Ascot Adani’s 5th current insurer to rule out any further coverage for the Carmichael project. The five current insurers to make this commitment are all participants in the Lloyd’s marketplace.

In total, 102 companies have so far ruled out working with Adani, including 38 major insurance companies. This is clear proof that more and more companies are responding to the serious concerns raised by the #StopAdani campaign regarding Adani’s climate-wrecking coal mine and rail project.

With Adani’s insurance options in the Lloyd’s marketplace rapidly shrinking, and possibly gone altogether, we have begun to look at some of the other insurance options, outside the Lloyd’s of London market, that Adani might be considering. 

One of the standouts is a company called Convex.

Convex is a new specialty insurer based in London and Bermuda that, given some of the biggest insurance companies in the world are walking away from coal, has reportedly been willing to step in and provide coverage for coal projects around the world.[2]

With Lloyd’s of London turning its back on Carmichael, Adani might try to strike an insurance deal with Convex.

Let’s make sure this deal never happens! Use the form adjacent to email Convex and tell it to stay away from the Carmichael coal mine!

Together we can make sure Adani cannot secure the insurance it so badly needs to operate its climate-wrecking coal mine.

[1] ‘Ascot declines to renew insurance policy for Adani coal mine’, Insurance Business Australia, 10 June 2021

[2] ‘Managing the transition: Mining Risk Review 2020’, Willis Towers Watson, p.71, 15 September 2020

UPDATE 4 February 2022

Convex Insurance has ruled out insuring “the construction or operation of any new thermal coal mine and/or its dedicated infrastructure”. This means it has ruled out insuring Adani Carmichael!

Find out more here.