23 December 2021 With Adani’s insurance options both inside and outside the Lloyd’s of London market rapidly shrinking, one of the laggards still open to insuring the Adani Carmichael project is UK and Bermuda-based Convex Insurance. Last week, Convex Insurance released its first ever “sustainability statement”. Unfortunately, what’s been released … Read More
Two more insurers reject Adani’s coal project, while Convex attempts to censor criticism
22 November 2021 Two major London insurers, RSA Insurance Group and Conduit Re, have ruled out underwriting Adani’s controversial Carmichael coal project in Australia. In an email to Market Forces, RSA stated: “Our underwriters follow our Climate Change and Low Carbon Policy, which means we would not provide cover to … Read More
Adani’s first coal train stopped in its tracks. Let’s make it permanent.
16 November 2021 A train carrying coal from Adani’s Carmichael mine is headed to Abbot Point/NQXT port so it can be exported to India and used to pollute people’s lungs a quarter of the way around the world while fueling the climate crisis. We know because it was spotted yesterday, broken … Read More
Suncorp and IAG not closing fossil fuel policy gaps
22 October 2021 Amidst ever-worsening extreme weather and the hits to their bottom lines it is causing, two of Australia’s three big insurers faced shareholders at their annual general meetings (AGM) recently (IAG was today, Suncorp on September 23rd). Over the last two years both have taken significant steps away … Read More
Coal miner insurance mutual a desperate and dangerous attempt to prolong coal
13 August, 2021, for immediate release Market Forces has responded to today’s news of coal mining companies seeking to establish a new mutual fund to insure Australian coal mining operations by calling on reinsurers, insurance brokers, and governments to refuse to support it. In submissions to the current parliamentary inquiry … Read More
A climate-wrecking partnership: Marsh McLennan and Adani coal
27 May 2021 Marsh McLennan is one of the few companies left still willing to support the “world’s most insane energy project“; the infamous Adani Carmichael thermal coal mine and rail line in Australia. This climate-wrecking partnership undermines Marsh McLennan’s claims to care about “the greater good” and is seriously … Read More
Adani contractor unable to find insurance for Carmichael coal work, Adani could be next
14 May 2021 BMD, Adani’s most important contractor for the construction of the rail line component of the Carmichael thermal coal project, has admitted in a bombshell submission to a parliamentary inquiry that its work on Carmichael is being undertaken without public liability, environmental protection or director and officer insurance … Read More
QBE kicks climate can down the road & keeps supporting oil and gas expansions despite massive loss
19 February 2021 Together with the announcement of a massive A$2b loss due in part to ever-worsening extreme weather, fuelled by the burning of oil and gas, QBE’s updated Environmental and Social Risk Framework, released today, includes oil and gas targets which ignore the urgency of the climate crisis and … Read More
Media release: QBE faces shareholder resolution after kicking climate can down the road
For immediate release: 19 February 2021 QBE’s updated Environmental and Social Risk Framework, released with its full year results today, includes oil and gas targets which ignore the urgency of the climate crisis and are out of line with the Paris Agreement goal of keeping warming to 1.5 degrees. QBE … Read More
Despite record hurricane season, Bermuda’s insurers still backing coal
7 December 2020 2020’s Atlantic hurricane season has been by far the worst ever recorded. On November 10, Theta became the 29th named storm, surpassing the record from 2005, with three weeks of the official hurricane season still to go. Scientists say the links between worsening storm seasons, elevated ocean … Read More