Home / Local / Adani gets insurance, but won’t say where from
24 June 2019
The Adani Group’s Carmichael coal mine project in Queensland has been underwritten by a group of insurers whose identities remain confidential.
IAG, Suncorp and QBE have told insuranceNEWS.com.au they are not involved. US-based Liberty Mutual has also ruled itself out.
“In January Liberty Mutual informed the appropriate parties that we will not be participating in the insurance program for the anticipated operational phase of the Carmichael mining project,” a spokesman told insuranceNEWS.com.au.
Having insurance in place is one of the prerequisites for the project to receive regulatory and government approval, according to the US-based Institute for Energy Economics and Financial Analysis.
But Adani has declined to reveal the insurers backing its project in the Galilee Basin.
“Details on insurance providers for the Carmichael project are commercial in confidence,” a spokesman told insuranceNEWS.com.au. “However, we have the requisite insurance requirements in place.”
The global Unfriend Coal campaign has led a petition urging insurers and other financial services institutions not to support the mine.
Environment campaigner Market Forces has slammed the Queensland Government’s decision to give Adani the go-ahead.
“This is the opposite of the sort of things we should be doing amid a climate crisis and so it’s very disappointing,” campaigner Pablo Brait told insuranceNEWS.com.au.
“We will continue to encourage contractors and insurers to refuse to do business with Adani.”