Arch Capital rules out underwriting giant coalmine – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Arch Capital rules out underwriting giant coalmine

Industry shift: many insurance and reinsurance companies have pulled away from the coal and fossil fuel industries in the past few years. Arch Capital is the latest to rule out insurance policies covering a planned major coalmine project in Australia (Photograph by Pixabay)

Arch Capital Group Ltd has become the latest insurer to confirm it has not and will not issue any insurance policies covering the planned Adani Carmichael coalmine in Queensland, Australia.

The Bermudian-based company has released a statement to confirm its stance.

The coalmine is expected to produce eight to ten million tonnes of thermal coal annually. Campaign groups, including the Stop Adani Movement, have been calling on insurers and reinsurers to distance themselves from the project.

Among other re/insurers who have distanced themselves from the Adani Carmichael project are Hiscox, Axis Capital, Axa XL Argo Group, Allied World, and Aspen Re.

In December, Lloyd’s of London asked managing agents to no longer provide new insurance cover for coal-fired power plants, thermal coal mines, oil sands and new Arctic energy exploration.

On Friday, climate activists dumped fake coal outside Lloyd’s headquarters in a protest against the industry’s backing for major fossil fuel mining projects.

Extinction Rebellion said the dumped coal “highlighted Lloyd’s support for the most polluting projects – tar sands and coal mines”, notably Adani Enterprises’ giant Carmichael thermal coalmine.

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Published April 26, 2021 at 8:30 pm (Updated April 26, 2021 at 8:31 pm)

Arch Capital rules out underwriting giant coalmine

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