11 September 2020
The #StopAdani campaign has narrowed the field to just nine Lloyd’s insurers which have yet to provide a statement about whether they are insuring the destructive Adani Carmichael coal project or intend to do so in the future.
In June, a leak from a brave Marsh (Adani’s insurance broker) employee exposed Lloyd’s of London insurer Aspen as one of the companies currently providing insurance for the Carmichael project.
A week after that deal was exposed, thanks to the quick response of climate activists, Aspen publicly committed to not renew its insurance policy with Adani.
Just after this development, a Lloyd’s of London employee confirmed that the Adani Carmichael project was being insured by multiple companies operating in the Lloyd’s of London insurance marketplace.
Over the last month, #StopAdani groups from all over Australia have been contacting Lloyd’s insurers that are known to insure coal mines, railways and/or major construction to ask if they are insuring Adani Carmichael and if they intend to do so in the future.
Out of all the Lloyd’s syndicates, only nine have so far refused to reply:
|Ark Insurance||UK||-- FAILED TO RESPOND --|
|Arch Insurance||Bermuda||-- FAILED TO RESPOND --|
|Brit||UK||-- FAILED TO RESPOND --|
|Convex||Bermuda||-- 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
|Lancashire||UK||-- FAILED TO RESPOND --|
|MAP||UK||-- FAILED TO RESPOND --|
|Starr||USA||"Starr companies has no involvement in the Carmichael mine project."
Note: This statement is from late 2018, before Lloyd's got involved in insuring Carmichael and it does not rule out future underwriting.
|W.R.B Underwriting |
(a W.R. Berkley subsidiary)
|USA||-- FAILED TO RESPOND --|
In total, 26 major insurance companies have now publicly ruled out providing insurance for the climate-destroying Carmichael coal project due to its fueling of the climate crisis and other environmental and human rights impacts.
The fact that Adani has gone to the Lloyd’s market for insurance shows that its options are already very limited, as the Lloyd’s market specialises in particularly difficult or complex risks.
Without insurance, Adani cannot build or operate its disastrous coal mine and rail line. If Adani cannot renew its insurance coverage via the Lloyd’s market it is possible that come November this year (when, based on the available evidence, some insurance contracts may expire) it will be without the insurance it needs to continue construction.
Take action: Tell the remaining Lloyd’s insurers that insuring Carmichael coal is terrible for the climate, the Great Barrier Reef, water supplies, biodiversity, human rights and their reputations!