25 March 2021
In late 2019, after being denied insurance by mainstream insurance companies, Adani was able to secure coverage for the Carmichael coal project via insurers at Lloyd’s of London. However, while it’s true that Adani Carmichael seems to have managed to scrape together sufficient insurance so far, its options in the Lloyd’s marketplace are rapidly shrinking, with three of Adani’s current insurers, the latest being Brit, now publicly refusing to renew their insurance policies associated with the project.
In addition to Aspen, Apollo and Brit, more than 20 other Lloyd’s insurers have publicly committed to not being currently involved as well as ruling out any future involvement with the climate-wrecking project.
One notable exception is MS Amlin. MS Amlin is the only top-5 syndicate at Lloyd’s, and one of the few remaining hold-outs in the entire market, that has, so far, failed to rule out insurance for Adani’s project. The four other biggest Lloyd’s insurers; Beazley, Catlin (owned by AXA), Brit and Hiscox have all already done so, leaving MS Amlin lagging behind its peers.
Considering just how destructive the Adani Carmichael project is and the reputational risk that comes from being associated with it, as well as the fact that 32 major insurance companies from all around the globe have already ruled out covering this extremely controversial project, it is difficult to comprehend what is holding MS Amlin back.
TAKE ACTION
Unfortunately, some Lloyd’s insurers have blocked our email actions coming through the Market Forces website thinking that would silence us, but we have now created a workaround to make sure that your email will still reach them.
Make sure you’re signed-in to your email program and then use this form to tell the remaining Lloyd’s insurers that insuring Carmichael coal is terrible for the climate, the Great Barrier Reef, water supplies, biodiversity and their reputations!