Insurers: #STOPADANI!

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.

Insurer	Country	Status	Statement
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 --

TAKE ACTION!

Use this form to contact all the insurance companies that have so far failed to rule out insuring the Adani Carmichael coal project!

Name*
First Last
Email Address*
Country
Country
Subject (you can edit this)
Your message (you can personalise and amend this, your name will be automatically added at the end)*
Re: Adani Carmichael coal project Given your disappointing response to the open letter to insurance companies on the Adani Carmichael project, I am 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 Adani Carmichael project. 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 in the Federal Court of Australia. 46 global financial institutions have publicly declared that they will not support the project. On November 29, Adani announced that it would self-finance the project, with construction slated to begin this month. This leaves insurance as a crucial missing piece of financial support for the project. We 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.
Of course I want to get updates about this campaign from Market Forces!
- Yes