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Liberty Specialty Markets

Another Lloyd's insurer says no to Adani

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Bermuda-based specialty lines insurer Arch Capital Group has declared it has no existing business with the Adani Carmichael coal mine and ruled out providing insurance for the controversial project in central Queensland.

The overnight declaration from Arch is the latest from a Lloyd’s insurer, following similar commitments this month from MS Amlin, Tokio Marine Kiln and ERS Insurance.

“On behalf of its underwriting operations, Arch Capital Group Ltd confirms that it has not and will not issue any insurance policies covering the Adani Carmichael coal mine,” the business says in a one-paragraph statement.

The insurance group’s Arch Insurance International provides underwriting solutions across a diverse portfolio, spanning multiple platforms in the London Company Market, Lloyd’s Market, UK Regional Market, Australia, Bermuda and the EU.

The #StopAdani campaign, a grassroots movement that has been working with climate activists to stop insurers and other industries globally from doing business with the mine, is encouraged by what it is seeing from the insurance sector.

“It seems to be a growing trend in the insurance industry,” Claudia Lang, a spokesman for #StopAdani Moreland, told insuranceNEWS.com.au today.

“There is a growing understanding that the insurance sector needs to ensure a carbon-free future because it’s in their business interest. It’s not only in the interest of the planet and our health.”

She says it’s “amazing” to see what the movement has been able to achieve so far.

“We are just ordinary people making calls after dinner to the other side of the world,” Ms Lang said.

She and other supporters living in the Moreland Council area are concerned about the development of the mine and how it could potentially impact the surrounding environment and climate.

The campaign has been working with Market Forces, a shareholder activist group that has been very vocal in its efforts to stop insurers, banks and other financial services providers from getting involved with the mining project owned by India’s Adani Group.

“One hundred major companies are now publicly refusing to work with Adani on its destructive Carmichael thermal coal mine,” Market Forces campaigner Pablo Brait said.

“Carmichael has become a reputational disaster for the Adani Group and while it pursues this project it has zero credibility on climate.”

Australia’s three biggest insurers - IAG, QBE and Suncorp - have all previously said they are not involved with the project.