The top 10 largest Lloyd's of London insurers have ruled out underwriting the controversial Adani Carmichael coal mine, with Tokio Marine Kiln (TMK) the latest insurer to announce it would drop “any future underwriting” of the project.
Early this month, major Lloyd's of London syndicate and London-based (re)insurer MS Amlin ruled out insurance for the “polluting” Adani coal mine – leaving Tokio Marine the last of the top 10 Lloyd's insurers to rule out coverage. Now, Tokio Marine has joined the other major insurers in dropping coverage for the coal mine.
TMK said in a statement to campaign group Market Forces that it has been involved in the underwriting of the coal mine but will no longer participate after its existing policies expire.
“We regularly review our portfolios and risk appetite in line with our broader organisational goals and can confirm that TMK would not participate in any future underwriting contracts on this project,” TMK said.
ERS Insurance, another Lloyd's of London underwriter, also announced it would never insure Adani's coal mine.
“I am pleased to confirm that ERS will not be involved in any way with the Adani Carmichael project,” ERS Insurance told Market Forces.
With TMK and ERS Insurance's statements, 25 Lloyd's syndicates and 34 major insurance companies have ruled out coverage for the coal mine due to environmental concerns.
Pablo Brait, a campaigner at Market Forces, said Tokio Marine must clarify whether its statement applies across its entire business and if it will extend its commitment to cover all fossil fuels.
“With more and more insurers turning their backs, Adani has an obligation to explain to its shareholders and business partners how it will insure the risky Carmichael coal project for the decades it intends to run it,” Brait continued.
“Adani Carmichael is a reputation destroyer for any company associated with it. The Lloyd's insurers still in Adani's corner, like Lancashire, Hamilton, and Ark, must join their competitors before they do irreparable damage to their reputations.”