Major Lloyd’s of London insurers Brit and Hiscox are the latest firms to rule out insurance for Adani’s controversial Carmichael coal mine project.
Brit was the sixth insurer to stop underwriting risks directly related to or associated with Adani’s Carmichael coal mine project, joining AXA XL, Liberty Mutual, and HDI Talanx, who were insuring the coal mine before ruling out further involvement, and Lloyd’s insurers Apollo and Aspen Re, who committed to stop underwriting the project when active policies expire. Hiscox not only ruled out insuring Adani but brought in policy to stop future insurance for all new coal mines.
Brit and Hiscox’s commitments are major blows to Adani’s disastrous Carmichael coal project. Lloyd’s of London was one of the last places on Earth that Adani could turn to find insurance, and they were one of the largest remaining insurers. Now, Lloyd’s doors are just inches from being closed to Adani, for good.
These announcements came after 750 Coal Action Network supporters flooded the inboxes and phone lines of Brit and Hiscox. This pressure was in solidarity with the ongoing action taken by the Australian Stop Adani movement. Locals in Coffs Harbour and the Gold Coast (Australia) had been hounding Brit and Hiscox for months and our combined pressured worked. Now we’re uniting the voices of community members in West Cumbria resisting the Woodhouse Colliery and Australian Stop Adani protesters to push Lloyd’s even further. That's why on the 16th March we're holding an online rally to take action together and plan big bold action for 2021.
Liisa from Stop Adani Coffs Harbour describes the campaign: "For months we got no formal response from Brit. We were getting worried – but we kept at it, sharing our stories, adapting our tactics, and trying new things. We were buoyed by conversations with some Brit staff in London, who were also concerned about the Great Barrier Reef, bushfires and the role of coal in fueling these climate impacts.
Our unrelenting phone calls, emails and calendar reminders, combined with the actions of other #StopAdani groups and our allies in UK, made ripples which grew to a wave that Brit could not ignore."
People across Australia have been fighting for 10 years to stop one on the most devastating mining projects currently being planned on the globe. The Adani coal mine, if it goes ahead, will open up the Galilee basin - one of the biggest untouched coal reserves on the planet - paving the way for at least eight more coal mines to be built. All at a time when scientists are warning we can't build any more fossil fuel infrastructure if we want to avoid catastrophic global heating.
Australia is already the world's number one exporter of coal and these mega-mines would double their current output! If that isn't enough, if built, Adani’s Carmichael mine will:
People across Australia have been fighting for 10 years to stop one on the most devastating mining projects currently being planned on the globe. Folks in Australia have asked for our help to stop Adani and here's why...
On the front line of the Adani mine standing their ground are the Wangan and Jagalingou people who have never given their free, prior, and informed consent to Adani’s mine and have said "No" to Adani 5 times. Adani has not only stolen their land (with the government's permission) but also bankrupted their spokesperson.
The Wangan and Jagalingou people are joined by others from across Australia standing up to corrupt politicians and the mining giants who own them. Together they have built the biggest climate movement in Australia's history. The Stop Adani movement have made this mine an iconic fight for climate justice - rallying across the country, blocking the train lines leading to Adani's coal port, occupying politicians offices, and building support amongst the majority of Australians for the #StopAdani campaign.
The campaign has been massively successful stopping commercial banks across the world investing in the project, and getting contractors associated with the project to pull out. However, as it stands, this mine will go ahead. That's why they are asking for people in the UK to join them in solidarity to Stop Adani.
Last year documents were leaked showing that Lloyd's of London are insuring the Adani mine. This kicked off a wave of actions targeting the individual insurance companies that make up the Lloyd's marketplace. The majority of the 70+ insurance companies involved have committed to not reinsure Adani. The 13 left are holding out and are getting so used to hearing Australian accents on the phone that they just hang up when they hear them.
The Stop Adani movement have asked people in the UK to join them and help get these last few insurers to rule out the project. If the coal mine can't get insured then it can't operate.
Right now, Lloyd’s of London is insuring climate wrecking coal mines, tar sands pipelines and power stations, across the world. Insurers can single-handedly stop fossil fuel projects, but have failed for decades to take action in the face of a climate emergency.
Lloyd’s accounts for 40% of the total global energy insurance premium and is a key influencer in the global insurance industry. Send Lloyd’s a message to act on the climate emergency, not act as the last refuge for climate wreckers to secure insurance!
Even in a year of lockdowns and restrictions, people across the world are standing up to Lloyd’s, and it’s working.
Leading the charge has been the #StopAdani movement in Australia. They have pushed most of Lloyd’s insurers to rule out insuring a coal mine that would open up the Galilee Basin and potentially more than double Australia’s current coal exports.
Adani's proposed coal mine is the most environmentally and socially contentious project in Australia's history, the object of years-long resistance from the Wangan and Jagalingou Traditional Owners and the broader community.
Just days after 750 people in the UK joined the Stop Adani movement by writing and calling Lloyd'd insurance companies, the extra pressure helped convince Brit to rule out insuring the Adani coal mine. Now the Stop Adani moment has asked us to pile the pressure on another key Lloyd's insurer - Hiscox.
Hiscox are rumoured to be sitting on an unreleased coal policy, that could see them stopping insuring all new coal mines. We want them to realise their policy ahead of the 3rd March, when they announce their annual profits.
Help #StopAdani get in touch with top Lloyd's insurer Hiscox now!
Welcome to the bottom of the barrel! If you have a risky, slow, expensive project, the big insurance companies won’t insure you alone. So you go to Lloyd’s. Lloyd’s is an insurance marketplace. Within the marketplace are lots of small insurance companies. When you bring your project to Lloyd’s, Lloyd’s goes to each of the small insurance companies, cobbling together the insurance that you need, spreading the risk of your project out.
There are only a few Lloyd’s insurers who have failed to rule out insuring Adani, such as Arch, Brit and Hiscox.
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