Another major insurer that was providing cover for the Adani Carmichael coalmine project in Queensland has said it will not be renewing policies with the coal project.
Aspen Insurance is the fourth of Adani’s underwriters to walk away from the major mine and export rail project currently being constructed in the Galilee basin. Last week, three former insurers – AXA XL, Liberty Mutual and HDI – all confirmed they would not continue previous insurance policies on the project.
In a statement, Aspen Insurance said: “Aspen can confirm that it will not be renewing any insurance policies associated with the Adani Carmichael mine. As a business, Aspen understands the importance of environmental, social, and governance issues and we review our underwriting approach on an ongoing basis as part of this.”
Guardian Australia understands Aspen’s business with Adani had been under review sometime after the ownership of the business changed hands in February 2019.
The Adani mine has faced relentless pressure from campaigners. Companies associated with the project have been targeted by groups who say associating with the coalmine risks causing “reputational damage” because of the contribution of burning coal to the climate crisis.
The mine and railway are the first project to target the massive but as-yet untapped coal reserves in the Galilee Basin. Campaigners fear the Carmichael mine, approved by the state and federal governments, will be the first of several coal mines to develop the region.