THE ADANI LIST 

Companies that could make or break the Carmichael coal project

Insurance companies that have failed to rule out Adani

 All major projects require underwriting (insurance) for public liability, plant and equipment damage and environmental damage, among other things. Adani Group needs insurance to cover the entire construction and operation of the mine, rail line and port, which usually must be renewed each year. Without insurance it can’t operate Carmichael.

So far over 40 global insurers, including some major players in the resources and energy sectors, have publicly ruled out insuring any part of the Adani Carmichael project. The table below shows which insurers are yet to rule out insurance for Adani Carmichael and their response to the Stop Adani Campaign. Fill out the form to demand they commit to staying away from this climate-wrecking project.

Insurance companies that

Status of international insurance companies on Adani's Carmichael thermal coal project (including mine, rail and port).
CompanyWhat they've said/done
AIGHas not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure, although in March 2022 it released a policy ending its underwriting of new thermal coal mines. We have asked AIG to clarify if this rules out Carmichael but have not gotten a response.

AIG was insuring Adani's on-ground works at the Carmichael mine site until 30 Sep 2019.
Aon"Aon does not provide insurance broking or other services to the Adani Carmichael project."

This statement doesn't rule out future involvement. Additionally, Aon is known to be providing services to BMD, the biggest contractor working on the Adani Carmichael project.
Ark UnderwritingHas not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure.
Atrium UnderwritersHas not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure.
Berkshire HathawayHas not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure.
ChubbChubb has put some restrictions on underwriting coal mining companies. However, these restrictions do not capture the Adani Carmichael project.
Great American InsuranceHas not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure.
Hamilton Insurance Group"Hamilton is completing the integration of businesses acquired during a deal with Liberty Mutual. Once we finalize our integration, which is expected to be in mid 2021, we will review our Environmental, Social and Governance (ESG) principles to ensure they reflect the underwriting guidelines of our expanded enterprise."

Statement does not rule out current or future insurance for Adani Carmichael
International General InsuranceHas not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure.
KoreanREHas not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure.
Lloyd's of LondonA Lloyd's staff member has confirmed that insurance for the Carmichael coal project is being sourced via the Lloyd's insurance market.
The Markel CorporationHas not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure.
Marsh (insurance broker, includes JLT Group)Marsh is Adani's insurance broker
MillerHas not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure.
Sompo"We confirm we do not have underwriting exposure to the project."

Statement does not rule out future underwriting.
Starr"Starr companies has no involvement in the Carmichael mine project."

Statement does not rule out future underwriting.
Willis Towers Watson (insurance broker)"Please note that we have a corporate policy that provides that we do not comment on whether or not a particular entity or project may be an actual or potential client of the firm."
W.R. BerkeleyHas not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure.
These insurers have either ruled out involvement or distanced themselves from all or part of the Adani Carmichael project.
CompanyWhat they have said
AJ Gallagher"Gallagher does not and has no intention of providing insurance broking services to the Adani Carmichael coal mine."
Allianz"Allianz no longer offers single-site/stand-alone insurance coverages related to the construction and/or operation of lignite/coal-fired power plants (CFPP) and mines where lignite/coal is extracted, effective immediately. Sngle-site/stand-alone coverage means the covering of loss and damages for a single power plant and/or mine (green- and brownfield) for an insured, as well as for offering guarantees (bonds) to a respective client. The exclusion is applicable for new (first time) contracts and the renewal of contracts."
Allied World"We do not insure the mine, rail or port projects and have no plans to do so in the future."
Apollo Underwriting"...we participate in one construction liability policy in respect of Adani Carmichael. This particular policy terminates in September 2021 after which we will no longer provide any insurance cover for this project.
We have recently declined to participate in an additional policy relating to the Port and Rail extension and have agreed that we will not participate in any further insurance policies for risks associated with this project."
Arch Capital Group"Arch Capital Group Ltd. confirms that it has not and will not issue any insurance policies covering the Adani Carmichael coal mine."

Further clarification confirms that this also includes all associated infrustructure.
Argo Limited"We are able to confirm that providing insurance for the Adani Carmichael project, its construction, contractors, infrastructure or operation are not within our risk appetite. Therefore we will not be providing insurance or reinsurance services associated with this project. "
Ascot Group"Ascot will not be renewing coverage for the [Carmichael coal] project when the current contract expires in September."
Aspen"Aspen can confirm that it will not be renewing any insurance policies associated with the Adani Carmichael mine."

Aspen has refused to give a date for when its insurance policies with Adani Carmichael will expire.
Asta"I [the CEO] am not aware of any current or intended association [with the Adani Carmichael project]."
AXA"As a global insurer, AXA will no longer cover certain risks as follows:
• The development of new coal capacity is banned by ending Construction covers for any new coal plant and new coal mine, whichever the region or client."

"Regarding the Carmichael mine, we confirm that:

- We do not currently cover the Carmichael mine’s assets, neither directly nor through packages, and we do not intend to do so in the future;
- We currently have a multi-year policy to partly cover the railway asset which will lapse in 2020 and which we shall not renew;
- Adani is a banned investment both for our equity and fixed income holdings."
AXIS Capital"AXIS will not provide new insurance or facultative reinsurance for the construction of new thermal coal plants or mines and their dedicated infrastructure"
Beazley“We have no direct involvement with the Adani Carmichael mine having declined the risk when it was presented to us”

"Beazley does not insure new coal mines"
Brit“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.“
Canopius“Canopius is not involved in any negotiations to provide insurance coverage for the Adani mine project.”
Cincinnati Global"...we have learned a great deal about the Adani project and I can confirm that projects of a similarly harmful nature would not fall within our risk appetite."
CNA Hardy"I can confirm that we do not provide any insurance for the Adani Carmichael coal project in Australia. ...we do not underwrite any new coal mining risks and are withdrawing from existing business."
Conduit Re"Conduit Re does not insure the Adani Carmichael Mining project and has no intention of doing so in the future"
Convex Insurance"We will not insure the construction or operation of any new thermal coal mine and/or its dedicated infrastructure."
ERS Insurance"I am pleased to confirm that ERS will not be involved in any way with the Adani Carmichael project."
Faraday (Lloyd's syndicate owned by Berkshire Hathaway)"...we do not offer insurance on any coal mining projects around the world, this is out of our risk appetite. As far as I can see we also do not insure any of the rail infrastructure that may convey goods...from the Adani project.

"Mining as a industry is not something that we would look to underwrite now or in the future."
Fidelis"We are committed to driving forward anti-coal initiatives, we look to shape change by not offering insurance to companies that extract coal or generate energy using coal.

"As such I can confirm that we have declined to offer capacity for any of the Adani construction and operation risks, and have also declined to support non-payment insurance for infrastructure financing for the project. We will continue to be vigilant in ensuring that we do not provide insurance for any coal projects."
FM Global“FM Global is not involved, nor intends to become involved, with Adani’s Carmichael Coal Mine/Rail Project.”
Generali"Define our positioning in coal-related activities:
Exclusion of any new investment in businesses associated with the coal sector and gradual divestment of the €2 billion exposure on coal-related assets, with the disposal of equity assets by April 2019
Commitment not to increase the minimal insurance exposure to coal-related activities
Commitment not to insure any new coal-related customer and any new coal construction project (mines and plants) with immediate effect"
Hannover Re (including subsidiary Lloyd's syndicate Argenta)"...on the underwriting side, as a general principle, the company will not be providing reinsurance coverage for any planned new coal-fired power plants or coal mines."
HDI Global (Talanx Group)“In accordance with our coal policy published in April 2019, we reviewed this project and terminated the insurance cover for this project in October 2019. As a result, there is no insurance cover for the Carmichael project of HDI Global / Talanx.

“And to the best of our knowledge and belief, we have even excluded the Carmichael project from insurance coverage for significant suppliers.”
Helvetia Insurance Group" We are not involved in Adani Carmichael thermal coal project [...]. We can confirm that we won't be involved in this project in the future as well as we won't be involved in the associated infrastructure."
Hiscox"We have no interest in coal mines like Adani’s and this [coal] policy makes that clear”
Lancashire Group"The Group does not have an appetite for underwriting direct insurance exposure for the Adani Carmichael project."
Liberty Mutual"Liberty Mutual Specialty Markets do not have any current policies in place for the Adani Carmichael mine project…We will not have any further involvement in the Adani Carmichael mine project. ”
MAPFRE"MAPFRE will...cease to insure the construction of new coal-fired electricity plants or coal mines."
MS Amlin"We can confirm that we have no involvement in and do not intend to participate in the underwriting of the Adani Carmichael mining project. As a leading (re)insurer we recognise our responsibility and the role we have to play alongside our partners and clients in managing the long term risks of climate change and transitioning together towards a low carbon future."
Munich ReMunich Re plans to stop offering insurance for new coal-fired power plants and mines in industrialised countries.
Navigators Group (owned by The Hartford)In December 2019, The Hartford adopted a policy which includes: "No new underwriting of or investments in companies that generate more than 25 percent of their revenues from thermal coal mining or more than 25 percent of their energy production from coal."
Newline Group"Newline Syndicate 1218 does not insure the Adani Carmichael coal project and does not intend to do so."
People's Insurance Company of China (PICC)Media reports regarding communication from the Chinese embassy in Australia indicate that PICC and all major Chinese insurance companies, will refuse to insure Adani Carmichael.
QBE"We do not provide insurance services to the proposed Carmichael mine and rail construction project and we do not intend to do so in the future."
RSA Insurance Group"Our underwriters follow our Climate Change and Low Carbon Policy, which means we would not provide cover to the Adani Carmichael thermal coal project."
SCOR (including The Channel Syndicate at Lloyd's of London)SCOR will no longer “issue insurance or facultative reinsurance that would specifically encourage new greenfield thermal coal mines"

"Our Group can confirm that SCOR, through its Large Risk Underwriting unit (Business Solutions), is neither involved nor intends to be involved in the procurement of any kind of re/insurance coverage of the Adani investment known as Carmichael project, including the rail line project."
Sirius Group"Sirius Group does not insure the Adani coal mine project nor do we have any plans to do so."
Suncorp"We confirm we do not have financing, investment or underwriting exposure to Adani or coal mining projects in the Galilee Basin, nor do we intend to in the future."
Swiss ReSwiss Re's group-wide coal policy prohibits providing re/insurance for thermal coal mines, coal-fired power stations or any company that is more than 30% exposed to thermal coal.
Tokio MarineTokio Marine Group "will not provide new underwriting capacities or financing to coal fired power generation projects or thermal coal mining projects, regardless of whether they are newly constructed or not."

Tokio Marine Kiln: “We can confirm that TMK would not participate in any future underwriting contracts on this (Adani's Carmichael) project.”
Travelers"Travelers does not insure, and has no plans to insure, the Adani Carmichael mine project."
Zurich"Zurich intends to stop providing insurance or risk management services for new thermal coal mines or for potential new clients that derive more than half their revenue from mining thermal coal, and also for utility companies that generate more than half of their energy from coal."

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