3 October 2019
In a further blow to Adani, US-based insurer AXIS Capital has withdrawn from a bid to insure the construction of the Carmichael rail line.
AXIS’ move makes it the 15th major insurer and 58th company to refuse to support the construction of Adani’s coal mine and railway line. In August, long-standing engineering partner Aurecon announced an end to its relationship with Adani, citing a desire to become a ‘future-ready’ business.
It is believed that Lloyd’s of London and Canopius Group are still involved in negotiations with Adani’s insurance broker Marsh on the proposed insurance deal. It is not known how the withdrawal of AXIS has impacted it.
“Adani continues to be abandoned by its corporate partners that don’t want to be associated with a destructive new coal project,” Market Forces campaigner Pablo Brait said. “AXIS’ move, following engineering firm Aurecon’s severing of ties to Adani, shows the Carmichael coal project is toxic, not just for our climate but for a company’s brand too.”
“AXIS’ move, following engineering firm Aurecon’s severing of ties to Adani, shows the Carmichael coal project is toxic, not just for our climate but for a company’s brand too.”
This announcement comes in the midst of the worst start to a bushfire season ever recorded in Queensland, with dozens of properties and swathes of rainforest destroyed.
“To meet the Paris Agreement’s targets and limit global warming to 1.5 degrees, no new coal mines can be built anywhere in the world. Insurance companies are already bearing the cost of extreme weather driven by global warming. Rather than continuing to exacerbate the crisis, other insurers such as Canopius, Lloyds and AIG need to follow in AXIS Capital’s footsteps and give the Adani Carmichael project the wide berth it deserves,” Mr Brait said.