Insurers peeling away from Adani mine and Trans Mountain pipeline
In recent months, insurance companies have rapidly abandoned Adani's Carmichael coal mine in Australia and the Trans Mountain tar sands oil pipeline in Canada.
In June, documents seen by Insure Our Future and leaked to the Sydney Morning Herald revealed that Liberty Mutual, HDI Global, XL Australia and Aspen Re held insurance policies on the Carmichael coal mine and rail network, brokered by Marsh. Within a week, all four insurers said they would not renew their cover for the mine, or the company behind it.
In May, Insure Our Future revealed that Lloyd's, Zurich, Munich Re and Chubb were the biggest insurers of the Trans Mountain pipeline. After a public outcry Zurich announced that it would not renew its cover, Talanx said it is dropping its insurance cover for the pipeline, and Munich Re signalled publicly that it would not renew support.
Lloyd's, Chubb, Liberty Mutual, Energy Insurance Mutual, AIG, SSRU, Berkley and Starr are yet to rule out insurance renewal. Lloyd's in particular seems to play a leading role underwriting fossil fuel projects no longer insurable by other carriers.
Today, organisations representing 24 million members sent an open letter urging the insurers of Trans Mountain to drop the project due to concerns over climate change, Indigenous rights, environmental racism and water pollution.