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Lloyd's of London insurer Axis Capital drops bid to cover Carmichael mine - source

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10/02/2019 | 11:48am EST
FILE PHOTO: Lloyd's of London logo at City of London financial district

NEW YORK/LONDON (Reuters) - Lloyd's of London insurer Axis Capital has become the latest to rule itself out of providing coverage for Adani Enterprises Ltd contentious Carmichael coal mine project in Australia, a source close to the company said on Wednesday.

Axis has withdrawn its quotes for insurance of the mine's railway, the source told Reuters.

The insurer will publish a formal policy to cut its exposure to coal more broadly in the weeks ahead, the source added.

Axis joins a growing list of global insurers to refuse to insure the project, which received the green light from Canberra in June despite fierce opposition from environmental groups.

The Queensland-based Carmichael mine is expected to chalk up annual production of 8 million to 10 million tonnes of thermal coal, responsible for a large slice of the world's carbon emissions.

As a result, 14 large insurers including AXA, Allianz, Liberty Mutual Insurance Co, Munich Re, Swiss Re and local market leader QBE Insurance Group Ltd have already confirmed they will not insure Carmichael, according to lobby group Market Forces.

Sixteen insurers including Chubb Ltd, Australia's QBE and Suncorp Group Ltd and European insurers Allianz and Zurich Insurance Group have already adopted policies to cut their exposure to coal projects, according to lobby group Unfriend Coal.

(Reporting by Suzanne Barlyn, Simon Jessop and Carolyn Cohn; Editing by Lisa Shumaker)

Stocks mentioned in the article
ChangeLast1st jan.
ADANI ENTERPRISES LTD 0.47% 212.15 End-of-day quote.35.13%
ALLIANZ SE 0.66% 219.7 Delayed Quote.25.44%
AXA 0.08% 24.78 Real-time Quote.31.40%
MUENCHENER RUECKVERSICHERUNG AG 0.04% 263.9 Delayed Quote.38.49%
QBE INSURANCE GROUP LIMITED 2.94% 12.97 End-of-day quote.24.75%
SUNCORP GROUP LIMITED 0.69% 13.19 End-of-day quote.0.71%
SWISS RE -0.74% 107.85 Delayed Quote.20.56%
ZURICH INSURANCE GROUP -0.40% 394.1 Delayed Quote.35.01%
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