Lloyd’s insurer rules out Adani involvement
9 April 2021
Leading Lloyd’s insurer and reinsurer MS Amlin says it is not involved with the Adani Carmichael coal mine and ruled out taking part, as climate activists keep up a pressure campaign against the controversial Queensland project.
CEO Johan Slabbert made public the insurer’s position in a response to a LinkedIn post by Pablo Brait, a campaigner with shareholder activist group Market Forces.
“We can confirm that we have no involvement in and do not intend to participate in the underwriting of the Adani Carmichael mining project,” Mr Slabbert said.
“As a leading (re)insurer we recognise our responsibility and the role we have to play alongside our partners and clients in managing the long term risks of climate change and transitioning together towards a low carbon future.”
Market Forces says the confirmation from MS Amlin means nine out of the ten biggest Lloyd’s insurers have publicly stated they will not provide insurance for the project, which is owned by India’s Adani Group.
The group has carried out a pressure campaign in the last few years, including a peaceful protest at Lloyd’s Sydney office in 2019, aimed at stopping insurers globally from doing business with the coal mine.
Australia’s three biggest insurers – IAG, QBE and Suncorp – have all previously said they are not involved with the project.
Last year Lloyd’s Apollo Syndicate Management said it will be ceasing its involvement with the coal mine when the current construction liability policy expires in September.
“Insurers all over the world are having their profits smashed by fires, floods and storms made worse by global warming,” Mr Brait said today.
“For Lloyd’s insurers to still be open to insuring a massive new thermal coal mine, which will only fuel more costly extreme weather, is both morally reprehensible and financially irresponsible.
“Every insurance company on earth should be running a mile from this climate-wrecking mine.”