UK and Bermuda based specialty insurer Convex has ruled out insuring Adani’s controversial Carmichael coal mine in Australia and any new thermal coal mine and associated infrastructure. Convex came under pressure in 2021 from Stop Adani campaigners due to it being one of the few remaining specialty insurers to not rule out support for Adani’s Carmichael coal project.

Convex published a statement yesterday confirming it “will not insure the construction or operation of any new thermal coal mine and/or its dedicated infrastructure.” Convex acknowledged in its statement that the lack of clarity regarding its position on the Adani coal project was a reputational threat. 

Adani’s Carmichael coal project has triggered a mass exodus of insurers and financiers who are unwilling to support new thermal coal mines due to their contribution to climate change. Convex is the 43rd insurer to rule out underwriting of Adani’s mega mine that will produce 4.6 billion tonnes of carbon pollution and open the largest new coal basin in the world, the Galilee Basin in central Queensland Australia. In total, 108 major companies have publicly rejected Carmichael.

Edoardo Riario Sforza, a campaigner with Market Forces, said: 

“Convex’s decision to stop insuring new thermal coal mines and their associated infrastructure means it has finally ruled out insurance for Adani’s disastrous Carmichael coal project in Australia.”

“Every insurance company on Earth should be running a mile from Adani’s climate-wrecking coal mine. The fact there are now 43 major insurers on the public record saying they won’t touch the Carmichael project demonstrates the reputational risk any company associated with it faces.” 

“Now all eyes are on Helvetia Group and Lloyd’s of London. Helvetia needs to clarify its current and intended future relationship to the Adani Carmichael project, while Lloyd’s must now confirm that no syndicate of the Lloyd's market will issue new, or renew existing, insurance for the Adani Carmichael coal mine and associated infrastructure.”

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