Adani coal mine: Insider tip off points to brokerage giant, says Market Forces

"Marsh is not acting as insurance broker for Bravus Resources," says report

Adani coal mine: Insider tip off points to brokerage giant, says Market Forces

Insurance News

By Daniel Wood

Market Forces, the environmental campaign group, is reporting that the Adani Carmichael coal mining project has ended its commercial relationship with the global brokerage, Marsh. The group also said an insider tip off suggests Lockton is the new insurance provider.

In a media release, Market Forces referred to a news story on the InsuranceERM website:

“Marsh is not acting as insurance broker for Bravus Resources, developer of Australia’s Carmichael coalmine, a source familiar with the situation has told InsuranceERM,” said the news story.

According to Market Forces, this revelation comes two weeks after the #StopAdani campaign received an anonymous, insider tip-off. The insider, according to Market Forces, said the global brokerage, Lockton, was recently appointed as the new insurance broker for Adani Australia, including the Carmichael coal mine.

“Considering Carmichael’s ongoing insurance difficulties, any work Lockton does for Adani could prove decisive in enabling the mine to continue to operate and increase production,” said Pablo Brait, campaigner at Market Forces.

According to the Adani Group, at the end of December, the first coal shipment from the central Queensland Carmichael Mine was ready to leave its Australian export terminal despite years of environmental campaigning and the refusal by major insurers to offer coverage for the project.

However, the coal’s exact status is not known publicly. Adani is thought to be concerned about revealing the shipping schedule and the coal’s location to fossil fuel activists.

Insurance Business reached out to Adani, Marsh and Lockton for comment. Marsh declined to commentIf a response is received from Adani or Lockton, this story will be updated.


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