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Activists highlight growing Adani exodus

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Lloyd’s insurers Lancashire Group and Ascot Group will not be providing insurance to the Adani coal mine project in central Queensland, according to climate activists.

The #StopAdani campaign says Ascot Group has announced its existing policy for the Indian-owned Carmichael mine and rail project will not be renewed when it expires in September.

Market Forces, another climate activist group that works closely with #StopAdani, says it has a confirmation from the Lancashire Group that it “does not have an appetite for underwriting direct insurance exposure for the Adani Carmichael” project.

Lancashire and Ascot have so far not responded to requests from insuranceNEWS.com.au for comment on the matter.

The #StopAdani campaign says Ascot is the fifth Lloyd’s insurer that has given a commitment not to renew insurance policies for the mine and the 38th insurance company to refuse to underwrite the project.

“The insurance industry is finally turning its back on Adani’s climate-wrecking coal mine,” Market Forces campaigner Pablo Brait said. “Fossil fuels have no future in a world moving towards net zero emissions.

“No insurer that considers itself responsible can justify supporting a massive new thermal coal project in 2021.”

He says Lloyd’s now needs to “clear the air and finally ban insurance for Adani from its marketplace.”

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