Hiscox rules out insurance for controversial Adani project

Hiscox rules out insurance for controversial Adani project | Insurance Business Australia

Hiscox rules out insurance for controversial Adani project

More insurers continue to “cancel” Adani's controversial Carmichael coal mine, with major insurer Hiscox ruling out insurance for the company's project and insisting that it has “no interest in coal mines.”

Hiscox wrote to climate campaigners that it would not renew risks involving other works directly associated with Adani's Carmichael coal mine and rail project, making it the 32nd insurer to do so.

The insurer's commitment comes a week after Brit confirmed it would distance itself from the project, claiming that it “does not, has never, and will not write any policies relating directly to the Adani Carmichael coal mine itself.” It also confirmed that it will not renew any risks involving any other associated with the project.

Four of the five biggest Lloyd's insurers are now publicly refusing to underwrite Adani's coal mine and rail project, says Market Forces campaigner Pablo Brait.

“Every insurance company on Earth should be running a mile from this climate-wrecking mine. The project will help open up a massive new thermal coal basin in the midst of a climate crisis. It is being contested by Traditional Owners who have not given their consent. It is destroying endangered species habitat and draining water supplies,” Brait said. “Adani Carmichael is a reputation destroyer for any company associated with it. Other Lloyd's insurers, including MS Amlin, Lancashire, and Hamilton, must now also distance themselves.

Brait calls Adani to explain to its investors, bankers, and contractors how it plans to insure the project, including dealing with the significant risks that running a massive coal mine, rail line, and port entail.

“Adani must let its partners know what it will do if it cannot find insurance,” Brait concluded.