Ten largest Lloyd’s insurers rule out underwriting Adani’s coal as Tokio Marine Kiln commits to not participate in ‘any future underwriting’
April 15, 2021
Confronted with the heat of targeted advocacy by climate justice campaigners as well as Indigenous Peoples’ rights movements, Tokio Marine Kiln (TMK, identified with Lloyd’s Syndicates 510, 557 and 1880) has publicly committed to not participate in ‘any future underwriting’ of Adani’s controversial Carmichael coal mine in Australia.
Earlier this month, when Lloyd’s syndicate MS Amlin confirmed its intention to stay out of the climate wrecking and ecologically destructive coal project, Tokio Marine’s syndicates were faced with the shameful prospect of being left as the only top-10 Lloyd’s insurer yet to do so. On April 15th, TMK issued the following statement in writing to the Australian campaign group Market Forces: “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’s statement comes on the same day as ERS Insurance, another Lloyd’s underwriter, also committed to never insure Adani Carmichael, providing Market Forces with the following statement: “I am pleased to confirm that ERS will not be involved in any way with the Adani Carmichael Project.”
Now, with commitments from ERS and TMK, 25 Lloyd’s syndicates and 35 major insurance companies have ruled out insurance for the controversial project due to environmental concerns. These commitments follow increased public pressure on both Tokio Marine and Lloyd’s of London. Recently, over 30 organisations called on Tokio Marine to drop fossil fuels with a number of public actions outside Tokio Marine offices around the world and the launch of a campaign website. Additionally, yesterday Insure Our Future launched lloydsinsureourfuture.com targeting Lloyd’s and its insurers to stop insuring climate-wrecking projects, including Adani.
Pablo Brait, Campaigner with Market Forces, said:
“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.”
“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.”
Lindsay Keenan, European Coordinator, Insure Our Future, added, “Lloyd’s syndicates continue to flee Adani while management remains silent. Lloyd’s CEO John Neal must follow the lead of its insurers and make a clear statement that no Lloyd’s members will continue to insure Adani Carmichael.”
Tokio Marine HCC (TMHCC, identified as Lloyd’s syndicate 4141) and the Tokio Marine Group as a whole have so far remained silent on their position on Adani’s Carmichael coal mine. Stop Adani and Insure Our Future campaigners are calling on Tokio Marine to rule out any support for Adani’s Carmichael coal mine and its associated infrastructure as well as Adani’s other controversial coal ventures, such as the Godda power plant in India. They also asked TMK and the Group to clarify whether they are currently insuring contracts related to the Adani Carmichael project.
Yuki Tanabe, Program Director of the Japan Centre for a Sustainable Environment and Society (JACSES), further stated, “Climate justice groups and social movements worldwide still have not received any response to the open letter we sent calling on Tokio Marine to stop expanding, developing or further enabling fossil fuel projects that will lock us and future generations into reliance on the dirtiest and most polluting sources of energy on the planet.”
Tanya Roberts-Davis, East Asia strategist and advisor at the Sunrise Project, concluded, “There is simply no more time to waste, Tokio Marine needs to immediately and unequivocally rule out offering any insurance services for coal, as well as new oil and gas projects.”