20 December 2018
A letter from 73 organisations, representing over 76 million people, was sent to insurance companies around the world, calling on them to publicly commit to not insuring the Adani Carmichael coal mine and rail project.
You can read the letter here. Insurers were given until 14 December to respond (except two Japanese insurers, which have a 9 January deadline).
See the media release from the Stop Adani, Unfriend Coal and Insure Our Future campaigns here.
The table below is tracking the responses and status of insurance companies when it comes to potentially insuring Adani’s Carmichael coal project. We've received responses from several insurers and classified them below as follows:
“Confirmed out” – a clear position has been provided that insurance will not be provided to the Carmichael project.
“Policy” – a pre-existing policy should preclude insurance coverage to the Carmichael project.
“At risk” – the insurer has failed to respond in a manner that rules out involvement and lacks a policy that would rule out insuring the Carmichael project. We therefore remain concerned that any “at risk” insurer would provide insurance coverage to the Carmichael project.
|QBE||Australia||Confirmed out||"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."|
|Suncorp Group||Australia||Confirmed out||"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."|
|AXA||France||Confirmed out||"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.
|FM Global||USA||Confirmed out||“FM Global is not involved, nor intends to become involved, with Adani’s Carmichael Coal Mine/Rail Project.”|
|SCOR||France||Confirmed out||"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."|
|Allianz||Germany||Policy||"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."|
|Generali||Italy||Policy||"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"
|Munich Re||Germany||Policy||"In terms of insurance business, this Board resolution means that Munich Re will no longer insure any new constructions of coal-fired power plants or coal mines as single risks in developed countries or in the majority of emerging markets.“|
|Swiss Re||Switzerland||Policy||Swiss 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.|
|Zurich||Switzerland||Policy||"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."|
|Mapfre||Spain||Policy||"MAPFRE will also cease to insure the construction of new coal-fired electricity plants or coal mines."|
|Beazley||UK||At risk||"We are not able to comment publicly on client specific insurance matters."|
|Lloyd's||UK||At risk||"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."
|Hannover Re||Germany||At risk||"For the project you referred to it is not yet clear whether as Hanover Re we will consider participation in reinsurance contracts.
This is as well because we don’t know yet all circumstances and it is not clear yet whether all relevant permits are in place.“
|Starr||USA||At risk||"Starr companies has no involvement in the Carmichael mine project."|
|Sompo||Japan||At risk||"We confirm we do not have underwriting exposure to the project."
Statement does not rule out future underwriting.
|Willis Towers Watson||UK||At risk||"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."|
|AIG||USA||At risk||-- FAILED TO RESPOND --|
|Axis Capital||USA||At risk||-- FAILED TO RESPOND --|
|Berkshire Hathaway||USA||At risk||-- FAILED TO RESPOND --|
|Canopius||UK||At risk||-- FAILED TO RESPOND --|
|Chaucer||UK||At risk||-- FAILED TO RESPOND --|
|Chubb||Switzerland||At risk||-- FAILED TO RESPOND --|
|CNA Hardy||UK||At risk||-- FAILED TO RESPOND --|
|Great American Insurance||USA||At risk||-- FAILED TO RESPOND --|
|Hamilton Insurance Group||Bermuda||At risk||-- FAILED TO RESPOND --|
|HDI||Germany||At risk||-- FAILED TO RESPOND --|
|Liberty Mutual||USA||At risk||-- FAILED TO RESPOND --|
|The Markel Corporation||USA||At risk||-- FAILED TO RESPOND --|
|W.R. Berkeley||USA||At risk||-- FAILED TO RESPOND --|
|Tokio Marine||Japan||At risk||-- FAILED TO RESPOND --|
|Arthur J. Gallagher||USA||At risk||-- AWAITING RESPONSE --|
|JLT GRoup||UK||At risk||-- AWAITING RESPONSE --|
|Marsh||USA||At risk||-- AWAITING RESPONSE --|
|Aon||UK||At risk||-- AWAITING RESPONSE --|