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Lloyd’s of London Insurer Probitas Exits Controversial Adani Coal Mine

This week, facing mounting pressure from campaigners, Lloyd’s of London syndicate, Probitas1492, ruled out providing insurance for Adani’s Carmichael coal mine and its related infrastructure. Probitas was known to insure the mine’s transport system, but also admitted that the mine itself had been insured through the Lloyd’s of London marketplace.

Ash Bathia, Chief Executive Officer of Probitas Managing Agency wrote to Money Rebellion, stating: “I can confirm that Probitas1492 ceased to provide insurance for the Adani Coal Mine at the end of last year, and will also not provide any insurance support in the future for any ancillary or associated activities, including the trainline, once the existing policies expire in the next quarter.”

Various environmental groups have targeted Probitas since February, when an industry tip-off revealed that they were underwriting Adani’s train line and haulage operation. Last week, Money Rebellion activists staged a ‘die-in’ protest at Probitas’s London office. This followed disruption to Lloyd’s AGM in May, and a delivery of giant Valentine’s Day cards asking Probitas to exit the mine, including from the head man of Waddananggu tribe.

Claude Fourcory, Money Rebellion, said: “This is a massive win for the movement. Deadly fossil fuel projects like Adani’s Carmichael mine can’t be allowed to continue. Insurers at Lloyd’s of London are only going to see bigger and bigger protests, as more people understand their involvement in enabling climate breakdown.”

Gurridyula Gaba Wunggu, Wangan and Jagalingou Cultural Custodian, said: “Probitas1492 has made the right decision – this shows the strength and determination of everyone who played their part in forcing their hand. This is also a message to all other Adani financiers and insurers – we are coming for you too and we will not stop until you pull out from Adani. This has been the homeland of our people for millennia. Any insurer or financier still backing Adani is complicit in the destruction of Wangan and Jagalingou homelands and the ethnic cleansing of our culture and people. Don’t underestimate our determination. We plan to be here until Adani is forced to abandon this project, so we can watch them pack up and leave our homelands for good.”

Set to be the largest coal mine in Australia, Carmichael has been called a ‘carbon bomb.’ [1] The Queensland project would produce enough coal over its lifetime to emit 4.6 billion tonnes of CO2, equivalent to over ten years of the UK’s annual emissions. The Australian coal is burned in Adani’s Godda power station in Jharkhand, India, which is already mired in human rights abuses including forced displacement, and two workers have been killed on site.

Probitas1492 now joins 45 of the world’s biggest insurers who have distanced themselves from the mine, including five that had previously provided Adani with coverage: Brit, Apollo, Ascot, Aspen, Tokio Marine and Kiln. 28 of these insurers manage syndicates at the Lloyd’s marketplace.

Marsh McLennan, the world’s largest broker, stopped arranging insurance for Adani last year due to pressure over the project’s environmental abuses.

The Adani Carmichael mine has received widespread condemnation from climate scientists and activists, both locally and internationally, for its impact on water usage and carbon emissions. The mine’s Abbot Point coal port is located in the Great Barrier Reef World Heritage Area, and campaigners estimate the mine would bring 500 coal ships through it every year.

Meanwhile, experts fear that Adani’s vast drainage of nearby groundwater may have already “locked in” irreversible damage to local, ancient wetlands known as the Doongmabulla Springs.

The springs are sacred to the land’s traditional owners, the Wangan and Jagalingou people, who have never given their free, prior and informed consent to the mine. Indigenous leaders have resisted the project since its inception.

Pablo Brait, Campaigner at Market Forces in Australia said: “The Carmichael coal mine is one of the most controversial projects in Australia’s history. It will drain the region of billions of liters of water per year, putting agriculture at risk. It is increasing industrialisation in the already distressed Great Barrier Reef, and it will fuel worsening floods, heatwaves and bushfires. The Carmichael operations are paving the way for more climate-wrecking coal mines in the region, and its dirty coal is being used by Adani to expand its fossil fuel burning activities in India.”

More trouble for Adani

Adani began exporting small amounts of coal from Carmichael in 2022 – 8 years behind schedule – and has been rocked by difficulties throughout.

Earlier this year, Lockton, another top-10 global broker, entered talks with Adani, before deciding in July not to proceed after pressure from campaign groups and staff.

In total, 113 major companies in the banking, insurance, rail freight and engineering sectors have now ruled out support for Adani Carmichael, or the Adani Group entirely. This includes banking giants BNY Mellon and China’s ICBC.

Controversy for Lloyd’s

Probitas1492’s involvement with Adani is understood by campaigners to have caused controversy within the Lloyd’s of London marketplace. Lloyd’s policy, as of 1 January 2022, asks syndicates not to take on new thermal coal risks. Lloyd’s has been criticised, however, for failing to implement this.

Andrew Taylor, Coal Action Network said: “The fact that the Adani coal mine infrastructure was still being insured through Lloyd’s points to an abject failure of its ESG policy. It shouldn’t take thousands of people from across the world to pressure Lloyd’s managing agents to cut ties with new fossil fuel projects. These companies need to act themselves and adopt policies and behaviour that reflect the existential threat climate change poses.”

Due to the pooled nature of coverage written at Lloyd’s, other syndicates may still be involved in Adani Carmichael. Lloyd’s managing agents yet to comment publicly on their involvement include: Barbican, Hamilton, Markel, Renaissance Re, SA Meacock and Starr.

Probitas1492’s withdrawal follows comments from Dominic Hoare, Chief Underwriting Officer at Lloyd’s Munich Re Syndicate and a senior industry figure, on the reputational risk of insuring fossil fuels: “Reputation is now key and reputation affects your share price…From our point of view, pressure to cease underwriting is very effective. Insurance is an incredible tool for enacting change.”

Lloyd’s of London is the world’s oldest and largest global insurance market. Developed in the 1600s, it drew its initial wealth from insuring the slave trade. It remains the world’s largest insurer of fossil fuels.

The IPCC AR6 Report

What do you do when "our world needs climate action on all fronts - everything, everywhere, all at once"…?

In March, the Intergovernmental Panel on Climate Change (IPCC), the body of the world's leading climate scientists, released the last instalment of their sixth assessment report (AR6). This delivered a "final warning" – the comprehensive review of the climate crisis took hundreds of scientists eight years to compile and runs to thousands of pages, but boiled down to one message: act now, or it will be too late.

Yet, according to the report, we still have hope of staying within 1.5°C. Hoesung Lee, the chair of the IPCC, said: “This synthesis report underscores the urgency of taking more ambitious action and shows that, if we act now, we can still secure a livable sustainable future for all.”

FIVE ACTIONS you can take TODAY based on the report's findings

Together, as part of this global movement, we need to keep the pressure on the governments, financiers, insurers, and fossil fuel companies that are pushing us deeper into climate crisis, putting profits above people and our planet. We've compiled five actions you can take with us, based on the report's findings and recommendations.

"No New Coal"

According to the UN Secretary General, António Guterres, “no new coal and the phasing out of coal by 2030 in OECD countries” is step #1 to accelerate climate action.

Yet Wales is about to decide whether to expand the UK's biggest opencast coal mine, by four years and 2 million tonnes of coal. Sign our petition to call on the Welsh Government to stop this from going ahead: https://you.38degrees.org.uk/petitions/don-t-expand-uk-s-biggest-opencast-coal-mine.

"Partial pledges won't cut it"

The reports states there will be dire consequences if countries scrap carbon pledges. That’s exactly what the Whitehaven coal mine would do, which was approved by the UK government last December. 

It's still possible to stop the mine, and our friends at South Lakes Action on Climate Change want to do – but we need your help. Donate to help them mount a Judicial Review against Whitehaven coal mine in Cumbria: https://www.crowdjustice.com/case/challenge-the-cumbria-coal-mine/.

"End all international public and private funding of coal"

Guterres points to the backers of fossil fuel companies. Adani’s Carmichael coal mine can only be financed because Lloyd's of London syndicate Probitas 1492 insures it. No insurance = no coal mine.

Sign up to tell Probitas staff to drop this project: https://actionnetwork.org/forms/take-regular-action-to-stop-adani.

"Cease all licensing or funding for new oil & gas"

Insurers listen up: oil&gas shouldn’t be funded or licensed…so don’t insure it! Set to be the world’s biggest heated oil pipeline, EACOP must be stopped.

Take regular action emailing insurance staff to warn them not to insure EACOP: https://actionnetwork.org/forms/take-regular-action-to-stopeacop-2/.

"It will take a quantum leap in climate action"

As we said, the report isn't without hope: “as it shows, the 1.5-degree limit is achievable. But it will take a quantum leap in climate action.”

If you want to get inspired, we recommend watching FINITE: The Climate of Change, an award-winning feature documentary about people standing up against the fossil fuel industry. Check out their Twitter for details of any upcoming screenings: https://twitter.com/finitedoc. Or you can watch FINITE online now via WOWFilm. Only available for 200 views, over half have gone already, so make sure not to miss it! The price is “pay what you feel. If you can, please donate so they can keep making films.

 

Thousands tell Probitas: Break up with Adani

A Valentines surprise from the #StopAdani movement

Today we delivered Coedie's message and thousands others from around the world in the form of 6ft tall talking valentines cards, to all three of Probitas 1492's UK offices: Lloyds of London, Lime Street (London), and Manchester.

We want to make sure they can't ignore indigenous communities, and people all over the planet who will be impacted by this climate bomb. Check out some pictures from our action, your messages, and how to get involved in keeping the pressure on Probitas.

Will you ramp up the pressure on Probitas?

We need to show Probitas that the global movement against Adani won’t let them get away with their involvement. Will you join us and ramp up the pressure we’re placing on them?

We're asking our supporters to sign up to take regular action, emailing staff at Probitas over their companies role in enabling this carbon bomb. We'll be sending you new contact details at every few days – no two people will be receiving the same staff to contact. This tactic means that together we can contact more staff, and be as effective as possible in turning up the heat. Let's convince them to stop insuring climate breakdown.

As always, we'll be providing you with example emails to use & help along the way.

💥 Fill in this form to sign up & start contacting Probitas staff straight away!

When we’ve taken action together, the #StopAdani movement has won against insurers and brokers again and again - now the industry knows it's one of the most controversial projects in the world. We need to make sure this climate-wrecking project has nowhere left to go.

Let’s make sure Probitas knows what it’s getting into: send your message today.

ACTION: British Science Museum's dirty coal money

The Adani Group wants to expand its coal operations by 800%. In Australia, they’re opening up one of the biggest untouched coal reserves on the planet, while expanding coal production in India and beyond. From Indonesia to Australia to India, Adani is under fire for land grabs and disregarding Indigenous rights. Sadly, this is the British Science Museum's new sponsor of the ‘Energy Revolution’ Gallery!

Leaders from indigenous communities in Australia, India and Indonesia, wrote to the museum to warn them that it's agreement with Adani is legitimising its “destructive coal expansion activities” and that “Indigenous communities in all these countries are experiencing land-grabs, repression, the destruction of sacred lands, pollution of air, land and water...”

In support of their letter, people gathered on the doorstep of the museum, with an advertising van playing a video message from the land defenders resisting Adani. Together with other groups, we are demanding the British Science Museum #DropAdani as a sponsor.

🗣 Add your voice by writing to the Science Museum now. Help us to convince them to drop Adani as a sponsor.

We heard leaders from the Hasdeo Forest under threat from Adani’s coal mining for a decade, Adivasi people who marched 300km to save their lands from an Adani coal mine in Chhattisgarh, Borneo on the doorstep of the massive Adani coal mine on Bunyu island, and Wangan and Jagalingou still fighting Adani’s destruction of their sacred territory.

👀 Want to hear their stories? Watch their film.

The man behind this all is Gautam Adani, the billionaire chairman and founder of the Adani Group. With a net worth estimated at US $74 billion, he is considered the second-richest man in India. One of our partners for the action, South Asia Solidarity Group have written about his rise to power and links with Narendra Modi:

"Narendra Modi became Chief Minister of Gujarat in 2001 using divisive Hindu nationalist rhetoric and a promise of modernity and development through neoliberal economic planning, working side by side with Gautam Adani and other powerful corporates. This period is marked, inevitably, by the State weakening labour power, fuelling xenophobia, fascism and violence, and exponentially rising inequality."

It’s abundantly clear, there’s no room for expansion of the fossil fuel industry. Over the last year with your support we have managed to convince insurers to no longer underwrite Adani's Australian mega mine. However, Adani is still looking to expand his corporate empire and is in desperate need of private finance. Sponsorship, one of the ways to clean the Adani brand and attract new finance and insurance.

ACTION: #StopAdani on Social Media Pile On

Adani's mines are supported by the UK's finance industry - providing insurance and funding for it's devastating coal mines in Australia, India and beyond. For the past year, Coal Action Network has supported calls for Lloyd's of London to stop insuring Adani. While many companies have pulled out, Lloyd's continue to refuse to rule out underwriting the Adani mine.

🗣 Can you to join us on Twitter and Facebook, to take on the institutions enabling climate breakdown?

Across India, Adani is facing intense opposition for its 800% coal expansion, land grabs, and pollution, including from the Indian tribal Adivasi people who are resisting coal projects which threaten ancestral lands in the Hasdeo forests.

Now, Adani is looking to greenwash its name through sponsorship of a new ‘Energy Revolution’ Gallery at the British Science Museum. This is a blatant attempt to trick the British public and gain further support from bankers and insurance executive. Adani is looking to expand its corporate empire and is in desperate need of private finance to do so. We can all be part of cutting that off.

We're looking for people to join us on Twitter and Facebook to combat the lies and demand UK institutions help #StopAdani instead of enabling climate breakdown. Across the world, people are standing up to Adani and their backers. By signing up, you'll get text messages from us with more information on how you can get involved with on social media.

🗣 Sign up now to receive regular text messages on how to get involved on social media

Lloyd’s failure to implement ESG policy is driven by its CEO John Neal

Meeting reveals Neal’s failure to understand the need to stop insuring fossil fuel expansion

On February 16, Insure Our Future network members challenged John Neal, CEO of Lloyd’s of London, on the insurer’s fossil fuel policies and actions in a long awaited, but ultimately very disappointing, on-the-record meeting at Lloyd’s Lime Street headquarters.

The meeting between Neal, Lindsay Keenan, European Coordinator of Insure Our Future, and Mia Watanabe, UK Campaigner at Market Forces, revealed major problems with how Lloyd’s, and in particular its CEO, is addressing the climate crisis. The meeting started with Neal accepting a letter with 137,400 signatures on behalf of SumOfUs, an Insure Our Future network member. The letter demanded Lloyd’s stop supporting new and expansionary coal, oil and gas projects, including the East African Crude Oil Pipeline, Trans Mountain pipeline, Adani Carmichael coal mine, and oil drilling by the Bahamas Petroleum Company.

In stark contrast to statements made by Lloyd’s Council Chairman, Bruce Carnegie Brown, and what is clearly written in Lloyd’s December 2020 ESG report, Neal stated that in his view Lloyd’s ESG policy was nothing more than a “‘provocative discussion document”.

Revealingly, Neal claimed that, following the publication of the report, he had been contacted and lobbied by regulators, corporations, and state and national officials from around the world who said they were against the ESG policy and concerned about its ambitions. He confirmed that Lloyd’s had subsequently informed its members the ESG commitments were non-mandatory guidelines.

Despite lending a sympathetic ear to industry stakeholders, Neal was unequivocal in stating that he did not see it as his role to meet with representatives of communities impacted by the fossil fuel projects that Lloyd’s insures or invests in.

While professing to respect climate science and the International Energy Agency’s (IEA) 2021 report, Neal appeared to not understand nor accept the report’s key finding that there are no new coal mines or oil and gas fields approved for development in a Net Zero by 2050 pathway. Under Neal, Lloyd’s has no plan to align its policies with the IEA findings.

“It is a serious problem that John Neal has not been well enough briefed, or is just personally sceptical, about climate science and the findings of the International Energy Agency. An ESG policy touted by Carnegie-Brown as a ‘plan for becoming a truly sustainable insurance market’ has, under John Neal, become nothing more than a ‘discussion document’ that syndicates can take or leave as they see fit. It is abundantly clear that John Neal prioritises profits at the cost of people and planet, and that under his leadership Lloyd’s policies fail to match its climate rhetoric,” said Lindsay Keenan, European Coordinator of Insure Our Future.

Neal further exposed his disregard for climate action by failing to make a clear commitment that Lloyd’s members would not insure the East African Crude Oil Pipeline and saying Lloyd’s has no current plans to adopt an exclusion policy for oil and gas expansion.

On the Adani Carmichael coal project in Australia, a source of significant controversy for Lloyd’s over the last two years, Neal said that “to the best of my knowledge” the project is no longer insured in the Lloyd’s market. While Neal encouraged syndicates not to underwrite Adani, he refused to give a clear commitment on its status inside Lloyd’s, both now and in the future.

“The #StopAdani campaign has done the work John Neal should have done, and convinced the vast majority of its insurers to commit to never insuring the disastrous Adani Carmichael thermal coal project. Now, Neal needs to come clean and officially clarify if the Lloyd’s market remains exposed to Adani, and make the promise to not insure the climate-wrecking project in the future. If Lloyd’s cannot take this basic step, then its ESG policies have failed their most simple test and Adani Carmichael will continue to be a stain on its reputation,” said Mia Watanabe, UK Campaigner at Market Forces

Lloyd’s stated commitment to transparency is contradicted by its actions. Neal said Lloyd’s expects its members to have robust net-zero ESG plans, but will not ask them to publish those policies. He confirmed that data on insured emissions will be collected at syndicate level, but published only as obscure market wide data. Neal tried to justify the lack of transparency by saying he didn’t want to put additional pressure on Lloyd’s members.

Neal stated many times in the meeting that UK competition law prevents him from mandating marketwide action. Previously, Lloyd’s excuse was that it didn’t have the power to require the implementation of its ESG policy, which was proved false by its own bylaws. Neal now points to competition law as the barrier preventing Lloyd’s from mandating its members stop insuring and investing in specific fossil fuel sectors.

Keenan added, “Neal has no intention of taking marketwide action and is using competition law as his latest excuse. However, it does raise a significant question that must be asked of the UK Competition and Markets Authority regarding whether there is any legal barrier to coordinated industry action to meet climate targets.”

The meeting concluded with Keenan’s challenge for Neal to invite Insure our Future members, climate scientists and impacted communities to meet with Lloyd’s Council and ESG committee, and for Neal to join him in a public debate to clarify and discuss Lloyd’s policies. Neal said he would consider each of these, and appeared to mean it.

People from Across the World hold Climate Memorial at Lloyd’s of London

Today, the 29th October, on the eve of COP26 climate talks held in Glasgow, Coal Action Network were joined by Youth Strikers from across the world and the Pacific Climate Warriors, to set up a climate justice memorial at Lloyd’s of London HQ. The climate memorial was created to remember communities on the front lines of climate breakdown, who are being directly impacted by harmful projects and climate impacts.

The Lloyd’s of London insurance market, one of the world's largest insurers of fossil fuel projects.

Elara from Coal Action Network said “The memorial brought to life the memories of every person harmed by the injustices of the climate crisis. We’ve laid wreaths naming climate wrecking projects we want Lloyd’s of London to rule out underwriting today, and help to prevent billions of lives being destroyed by climate impacts. Lloyd’s needs to stop ignoring the climate science and communities being affected by climate breakdown.”

Protesters were joined by 20 Friday for Future MAPA youth strikers, some from communities most affected by climate change globally (including Bangladesh, Philipines, Argentina, Nigeria). Members of the Pacific Climate Warriors who have been calling on Lloyd’s to stop insuring the Adani Carmichael coal mine, brought flowers native to the Pacific Islands to add to the memorial. Representatives gave testimonies from their communities, which included those on the front lines of fossil fuel projects and climate impacts.

Joseph Sikulu from Pacific Climate Warriors said "Our communities grapple with climate impacts everyday. As sea levels rise we risk losing everything. The insurance industry should also understand the business risks of climate change. Climate fuelled disasters like hurricanes and wildfires are costing the industry billions. It is in our shared interests to act by stopping the major driver of global warming: coal. Lloyd's of London must show leadership now and act on the climate crisis by refusing insurance for climate wrecking coal projects like Adani’s Carmichael mine in Australia.”

Lloyd’s in an insurance market, composed of many underwriters and insurance companies. Lloyd’s is known for insuring projects that no one else will, which increasingly includes climate-destroying fossil fuel projects, making it a major global energy insurer.

In 2020, Lloyd’s published a Environmental, Social and Governance (ESG) Report. Campaigners said today that its commitments are not enough. Lloyd’s still allows members to acquire new business in these sectors, and is continuing to provide them cover until 2030. There is no mention of insurance and investment in coking coal, or other gas and oil projects, despite Lloyd’s being amongst the four largest insurers of fossil fuel projects. Click here for further information on how Lloyd’s of London helps fuel the climate crisis.

Members of the public laid hundreds of flowers and messages to Lloyd’s of London from over 4,500 people across the world were hung outside the offices, as well as delivered to Lloyd’s Chairman, Bruce Carnegie Brown. These messages are also visible at: https://lloydsmemorial.netlify.app/

Staff were asked to speak to senior management in Lloyd’s about ruling out insuring all fossil fuels, including specific fossil fuel projects like the Adani coal mine, tar sands carrying TransMountain pipeline, the proposed West Cumbrian coal mine, and the Cambo oilfields. The group also called on Lloyd’s to rule out any possible involvement with the Silvertown Tunnel, and for Lloyd’s to pay compensation for climate impacts.

Elara from Coal Action Network said “The climate crisis is harming the poorest and least responsible of us first and worst. The blame falls squarely at the feet of executives at corporations like Lloyd’s of London. Day after day they decide to profit from death and chaos, by underwriting projects that will lead to climate breakdown, while refusing to insure everyday people against the floods and wildfires they are helping to create.”

This action is the latest to target Lloyd’s of London, including Coal Action Networks previous climate memorial earlier this month on the 8th October. The action today forms part of a Defund Climate Chaos day of action, with groups across the world will take similar actions on the doorsteps of a range of financial and insurance institutions. At Lloyd’s, Coal Action Network’s memorial was preceded today by an ‘oil’ spill at their entrance, organised by others as part of the Defund Climate Chaos day of action. Coal Action Network are also facilitating a climate memorial in Newcastle at the offices of Lloyd’s syndicate Chubb insurance this afternoon.

Google Review Swarm - Stop Adani

Purpose of the action:

This action has two purposes. Firstly, it's about reaching people we wouldn't normally, informing them about the role insurers are playing in the climate-destroying Adani coal mine. Secondly, it's about delivering a blow to the public image of these companies by bringing their star ratings crashing down.

How to add a Google review:

In order to review somewhere on Google, you will need a Google account. It’s free and easy; Google has a support page on how to do so here, but get in touch if you’d like some extra help. 

  • Make sure you’re signed into your Google account before you leave your review.
  • Following one of the links on our location list at the bottom of this page will take you directly to one of the offices we’re targeting. There will be a panel on the left hand side that tells you information about the building, such as its opening hours, contact info, and photos. If you scroll down this, you will find the review summary.

  • From here, you simply click ‘Write a review’ and get going!
  • You can add a star rating to the location, as well as a text review. If you want, you can also add an image to your review to help it stand out. 
  • Tell each of these companies how you feel about them continuing to insure the climate-destroying Adani coal project. Members of the public can see this, so this is a great opportunity to spread the word, educate, and inform other people.  
  • Keep it personal - what are your thoughts and opinions, why do you think these companies should rule out underwriting the Adani coal mine. 
  • Remember, you can only review each location on Google once!
How to add a Google review:

Once you’ve finished your Google reviews, amplify them by sharing them - with friends, family, us, or on social media. 

  • You can share your own review, and like and share other people’s reviews using these buttons at the bottom of reviews. The more people who like and share these reviews, the more people will see them.

Targets:

Our main target for this action is the Lloyd's of London in London. It currently has a a 4.6 star rating, and 553 review - bringing this rating down isn't going to be easy. If you're going to only review one place - make it this one. If we all work together, we'll be able to see that rating start to get lower and lower.

As you can only add one review per location on Google, we've made a short list of other targets. Done with these and want to keep going? Find your own targets by going on different websites insurers who haven't ruled out underwriting Adani. Here, they'll list their offices in other cities.

Company
Branch
Google location
Current rating
Lloyd’s of London London https://goo.gl/maps/bNCQ7dPjwRu8nABA9 4.6 stars (553 reviews)
Lloyd’s of London Australia https://goo.gl/maps/s8C65NoLCi93VZ9QA 2.0 stars (4 reviews)
Hamilton London  https://goo.gl/maps/4woxhaZ3sMk9PoJ19 3.4 stars (5 reviews)
Hamilton Bermuda https://goo.gl/maps/1b7Q41tevPxrFYLv5 1.0 starts (1 review) 
Hamilton  Dublin https://goo.gl/maps/ieAatgtCLYvSDdVv5 No reviews 
Convex  London https://g.page/Convexin?share 5.0 stars (2 reviews)
Convex Bermuda  https://goo.gl/maps/eG2WcQ5d3yWUSya27 No reviews

Lloyd's Feeling the Pressure over Coal

As they reopened after lockdown, Lloyd's of London and companies involved in their marketplace opened their offices to find local people demanding that they rule out insuring the West Cumbria and Adani coal mines immediately.

It was a great day with actions in 13 locations across the UK. This was the first time that the regional offices of insurance companies have faced coordinated action demanding action on climate change. We stood in solidarity with the communities campaigning gainst the Adani and West Cumbria coal mines.

Helen from Gateshead said: We all have a responsibility to care for our planet and that’s why we’re here today. To show that we need to say no to fossil fuels, to turn our backs on coal. And that’s why we’re calling on Lloyd’s of London to stop insuring all coal mines around the world now.

Zoe, a 50 year old Mum and small business owner from Warrington said “I took part in this local action to be part of giving a bigger national message to Lloyd’s of London, that in 2021 with the planet on fire, it is no longer OK to be insuring fossil fuel projects. Insurance seems such a dry and mundane thing, but when you realise it is crucial to any coal, oil or gas extraction going ahead, then you realise what power these people have. They can literally decide to turn off the emissions tap if they wished to! That means they hold the power of life or death – over many millions, if not billions of people, in the keystrokes of their keyboard, or the flurry of their pen. Imagine having that much potential to do the right thing – they could literally be the world’s greatest climate heros if they chose to be. What a legacy for them to leave their kids…”

 

Chris from Manchester said "We think that insurance companies , by the nature of their business about future risks,  have the resources and motivation to understand the practical implications of the climate emergency and the role fossil fuels play in causing and worsening that emergency. But we don't think they are being open about those risks. We need them to Tell the Truth and my being here demonstrating in Manchester, is part of holding them to account"

We got some great coverage in the insurance press with this journalist calling it how it is!

 

Thanks to everyone who took action on the campaign so far, we are pushing the insurance industry out of coal! This week Adani's biggest contractor revealed it couldn't find an insurance provider that would cover the project 💖

The action we are taking is making a massive difference to keeping the coal in the ground and protecting local communities from mining impacts.

A key to these massive victories has been keeping constant pressure up on the insurance industry. Help keep up the pressure by writing to Lloyd's, and it's 10 biggest insurers to demand they rule out the West Cumbria mine. If you've written before, keep on writing till they rule out the mine.

You can also spread the word by sharing this great video about Lloyd's on Facebook or Twitter

Thanks again for all your brilliant support,

Victory - Brit will never insure Adani coal mine

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."