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 workers compensation, among other things. It is very likely that Adani still hasn’t secured the insurance deals it needs to build the mine and rail line, and without insurance it can’t carry out the work.

So far 16 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 Alliance’s letters sent in Dec 2018 and September 2019. Fill out the form to demand they commit to staying away from this climate-wrecking project.

Insurance Companies that have not ruled out insuring Adani

Company	Country	Statement or summary of position
AIG	USA	-- FAILED TO RESPOND -- AIG was insuring Adani's on-ground works at the Carmichael mine site until 30 Sep 2019. It is believed it is no longer involved but could get involved again in the future.
Aon	UK	-- FAILED TO RESPOND --
Arthur J. Gallagher (insurance broker)	USA	-- FAILED TO RESPOND --
Berkshire Hathaway	USA	-- FAILED TO RESPOND --
Chaucer	UK	-- FAILED TO RESPOND --
Chubb	Switzerland	Chubb has put some restrictions on underwriting coal mining companies. However, these restrictions do not capture the Adani Carmichael project.
Great American Insurance	USA	-- FAILED TO RESPOND --
Hamilton Insurance Group	Bermuda	-- FAILED TO RESPOND --
KoreanRE	South Korea	-- FAILED TO RESPOND --
Lloyd's	UK	"A search of our records has not identified any direct syndicate involvement with the Carmichael mining project. We are therefore satisfied that to the best of our knowledge the Lloyd’s market is not knowingly involved with the project currently. "That said, while the insurance industry can effect change through the underwriting decisions it makes, we prefer to do this in a constructive way rather than withdraw insurance altogether. "While coal and other hydrocarbons remain a substantial part of the global energy mix we have a responsibility to help companies manage their risks and to ensure policyholders and the public are protected by paying claims when we need to." Lloyd's has previously hosted negotiations on insuring the construction of the Carmichael rail line.
Marsh (insurance broker, includes JLT Group)	USA	-- FAILED TO RESPOND -- Marsh is Adani's insurance broker
Sompo	Japan	"We confirm we do not have underwriting exposure to the project." Statement does not rule out future underwriting.
Starr	USA	"Starr companies has no involvement in the Carmichael mine project." Statement does not rule out future underwriting.
The Markel Corporation	USA	-- FAILED TO RESPOND --
Tokio Marine	Japan	"To our knowledge...the project in question does not sound familiar to us." Statement does not rule out future underwriting.
Willis Towers Watson (insurance broker)	UK	"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. Berkeley	USA	-- FAILED TO RESPOND --
AEGIS London	UK	-- FAILED TO RESPOND --
Allied World	Bermuda	-- FAILED TO RESPOND --
Apollo Underwriting	UK	-- FAILED TO RESPOND --
Arch Underwriting	Australia	-- FAILED TO RESPOND --
Argo Limited	Bermuda	-- FAILED TO RESPOND --
Ark Underwriting	UK	-- FAILED TO RESPOND --
Ascot Underwriting	Bermuda	-- FAILED TO RESPOND --
Atrium Underwriters	UK	-- FAILED TO RESPOND --
Brit Underwriting	UK	-- FAILED TO RESPOND --
Endurance at Lloyd's	UK	-- FAILED TO RESPOND --
HCC Underwriting	Japan	-- FAILED TO RESPOND --
Lancashire Underwriting	UK	-- FAILED TO RESPOND --
Managing Agency Partners Limited	UK	-- FAILED TO RESPOND --
Navigators Underwriting	USA	-- FAILED TO RESPOND --
Riverstone	UK	-- FAILED TO RESPOND --
StarStone	USA	-- FAILED TO RESPOND --

TAKE ACTION

Name*
First Name Last Name
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Your message (you can personalise and amend this, your name will be automatically added at the end)*
Re: Adani Carmichael coal project I am very concerned that you will work to support Adani's plans to mine and export coal from the Galilee Basin in Queensland, Australia. I want you to confirm to me personally, and announce publicly, that you will not be involved in any part of the disastrous Adani Carmichael project or provide any underwriting or investment support for the Adani group of companies more generally. The Indian conglomerate Adani's proposed Carmichael coal mine is arguably the most environmentally and socially contentious project in Australia's history, the object of years-long international controversy. It would have dire consequences for the climate, with coal burned over its lifetime equivalent to eight years of Australia’s annual greenhouse gas emissions. The fact that it would act as a gateway project, opening up an entirely new thermal coal basin containing billions of tonnes of coal makes its potential climate impact even greater. It would increase shipping and industrial activity in the already stressed Great Barrier Reef World Heritage Area. And the traditional owners of the land on which the mine would be dug, the Wangan and Jagalingou, continue to oppose the project's right to their lands. Adani itself is a company with a checkered history, most recently being fined for lying to the Queensland environmental regulator over land-clearing activities on the Carmichael mine site. Any company associated with this climate-wrecking project faces massive reputational risks. Over 50 global financial institutions, including 16 insurers, have publicly declared that they will not support the project. In November 2018, Adani announced that it would self-finance the project and some preparatory construction has begun. Insurance is left as a crucial missing piece of financial support for the project. I call on your company to rule out any insurance services for all aspects of the Carmichael coal mine and rail project in Queensland, Australia, proposed by the Adani Group of companies, and furthermore exclude the Adani group as a whole until the Carmichael project is cancelled. I expect your prompt reply to unequivocally rule out any involvement by your company in any part of the Adani Carmichael coal project.
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