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UNFRIEND COAL NEWS ALERT

The Unfriend Coal & Insure Our Future campaigns call on insurance companies to stop underwriting and investing in climate-destroying coal. 


Liberty Mutual, HDI Global, XL and Aspen Re insuring Adani mine

 

Information leaked to the Sydney Morning Herald and seen by the Unfriend Coal campaign reveals that Liberty Mutual, HDI Global, XL Australia and Aspen Re are holding current policies for “early works project insurance” on the Adani Group’s Carmichael mine and rail network in Australia. The policies were brokered by Marsh.

The documents came from a Marsh & McLennan employee, who told the SMH: "Departments have lost domestic clients over this already and colleagues are concerned about where Marsh stands on climate change and what we represent."

Liberty Mutual said in 2019 that it “would not be participating in the insurance program for the anticipated operational phase of the Carmichael mining project”. A spokesman for the company told the SMH that prior to that announcement, Liberty had a policy for early works construction that expired in October 2019 and was contractually obligated to cover construction defects for a further 24 months.

Talanx, the owner of HDI Global, announced last year “in principle we will not insure new coal power stations and new coal mines”. An HDI spokesman said the company did not cover the Carmichael project directly but could not rule out having policies with contractors employed by Adani. A spokeswoman for XL Australia, a subsidiary of French insurer AXA, said it also had default cover related to an expired policy that would end in 2021.

Campaigners vowed to ramp up pressure on the insurers behind the Adani coal mine. "For Liberty, HDI, Aspen and Marsh to do their dirty deals with Adani just as Australia's worst ever bushfire season was escalating adds insult to injury”, Pablo Brait of Australian campaign group Market Forces said. “The reputations of these companies are now seriously damaged, and that damage will be irreparable if they stick with the climate-wrecking Carmichael project."

Read more on the Adani story on the Unfriend Coal website

LLOYD'S BACKS TAR SANDS


Lloyd's, Zurich and Munich Re are the biggest supporters of Canada's Trans Mountain pipeline, enabling a huge expansion of tar sands oil that would undermine climate targets...
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MARSH GREENWASH AT AGM


Marsh was expected to present a climate policy at its AGM on May 21st. Yet the world’s biggest insurance broker instead delivered a vague statement of 183 words...
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SPONSORING CLIMATE DENIAL


43 insurance companies have been exposed for running 3,000 adverts on climate-denying and COVID-19 disinformation network Fox News. Liberty Mutual is among the backers... 
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LEGISLATORS CALL FOR ACTION 


38 Massachusetts legislators have called on Boston-based Liberty Mutual to stop insuring and investing in coal and tar sands, and to phase out fossil fuel business in line with 1.5ºC...
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SCOR BOOSTS COAL DIVESTING


SCOR has announced that it will no longer invest in companies deriving >10% of revenue or
generation from coal. Yet it continues to offer reinsurance to coal carriers like Poland’s PZU...  
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