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 19 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
Lloyd's of London	UK	A Lloyd's staff member has confirmed that insurance for the Carmichael coal project is being sourced via the Lloyd's insurance market.
Marsh (insurance broker, includes JLT Group)	USA	Marsh is Adani's insurance broker
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	"Aon does not provide insurance broking or other services to the Adani Carmichael project." This statement doesn't rule out future involvement. Additionally, Aon is known to be providing services to BMD, the biggest contractor working on the Adani Carmichael project.
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	"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." Statement does not rule out current or future insurance for Adani Carmichael
KoreanRE	South Korea	-- FAILED TO RESPOND --
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	One of Tokio Marine's Lloyd's of London insurers, Tokio Marine Kiln, has ruled out insuring Carmichael. However, no commitment has been made for any other Tokio Marine brand.
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 --
Convex Insurance	UK	-- FAILED TO RESPOND --
Ark Underwriting	UK	-- FAILED TO RESPOND --
Atrium Underwriters	UK	-- FAILED TO RESPOND --
HCC Underwriting	Japan	-- FAILED TO RESPOND --
Managing Agency Partners Limited	UK	-- FAILED TO RESPOND --

TAKE ACTION

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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 60 global financial institutions, including 19 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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