Campaigners are now calling on other Lloyd’s syndicates, such as Arch, Ark, Hamilton, Hiscox, Lancashire and MS Amlin, to do the same
Lloyd’s of London syndicate Brit has joined the list of insurance companies to cease underwriting the Adani Carmichael Coal Project, according to Insure our Future, a global coalition of non-governmental organisations and social movements that is pressuring insurance companies to exit the coal, oil and gas business and support the transition to clean energy.
Insurance Times contacted Brit. It confirmed: ”Brit does not, has never and will not write any policies relating directly to the Adani Carmichael coal mine itself. In addition, Brit also confirms that it does not plan to renew any risks involving any other works directly associated with the project.”
According to Mining Technology, Carmichael is a thermal coal mine under construction in the Galilee Basin in Central Queensland. The project was given the go ahead in June 2019 and construction began later that year. It is being led by Indian multinational organisation Adani Group.
In June last year, AXA XL, Liberty Mutual and HDI Talanx agreed they would not provide future policies to the project once previous cover expires, while Lloyd’s Apollo and Aspen Re have also vowed to stop underwriting the project when active policies end.
Campaigners are now calling on the few Lloyd’s syndicates that have so far allegedly remained silent on the project, including Arch, Ark, Hamilton, Hiscox, Lancashire and MS Amlin, to clarify that they will not insure or renew insurance for this ”climate-wrecking” project.
The Stop Adani movement and Insure Our Future are increasing pressure on Lloyd’s following the marketplace’s first ESG policy, which it released in December 2020.
Lindsay Keenan, European coordinator at Insure our Future is calling on Bruce Carnegie-Brown, Lloyd’s council chairman, to clarify and improve the market-wide coal policy and make it crystal clear that no member of the Lloyd’s market will issue new, or renew existing, insurance for Adani’s project.
“Until he does so, Lloyd’s global brand continues to be tarnished by its ongoing association with Adani’s ludicrous coal project, which has no place in the portfolio of any reputable insurance company,” Keenan added.
Pablo Brait, campaigner at Market Forces, said: ”Adani being dumped by another of its insurers is a major blow to the disastrous Carmichael coal project, but it makes perfect sense for Brit.
”Every insurance company on Earth should be running a mile from this climate-wrecking mine.
“Other Lloyd’s insurers, including MS Amlin, Lancashire and Hiscox, must follow Brit’s lead and also distance themselves.
“The project will help open up a massive new thermal coal basin in the midst of a climate crisis, it is being contested by Traditional Owners who have not given their consent, it is destroying endangered species habitat and draining water supplies. Adani Carmichael is a reputation destroyer for any company associated with it.”
Arch, Hamilton, Hiscox, MS Amlin and Lancashire has been contacted for comment.