6 July 2021
Adani’s insurance options in the Lloyd’s marketplace are rapidly shrinking. Since the beginning of the year, all the top 10 biggest Lloyd’s syndicates have ruled out any support for the Adani Carmichael coal project. In total, 38 major insurance companies have now publicly ruled out providing insurance for the climate-destroying Carmichael coal project due to its fueling of the climate crisis and other environmental and human rights impacts. This figure includes five of Adani Carmichael’s existing insurers, Aspen, Apollo, Brit, Tokio Marine Kiln and Ascot which have ruled out renewing all their insurance policies.
If Adani cannot renew its insurance coverage via the Lloyd’s market it is possible that as early as October this year (when, based on the available evidence, some insurance contracts expire) it will be without the insurance it needs to safely operate its mine.
However, one of the last laggards at Lloyd’s willing to insure the Adani Carmichael project now in the sights of the #StopAdani campaign is an insurer called Hamilton Insurance Group, a Bermuda-headquartered company that provides specialty insurance and reinsurance coverage on a global basis.
When contacted by the #StopAdani campaign in 2020, the only statement Hamilton provided was the following: “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.”
We have now reached mid 2021 and Hamilton has run out of excuses. It needs to join its competitors and rule out insuring the disastrous Carmichael coal project once and for all.
Take Action and email Hamilton’s CEOs asking them to finally rule out ever providing any re/insurance services for the Adani Carmichael coal mine, rail or port.
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