Arch rules out doing business with Australian coal mine

Arch Capital Group has confirmed it has not and will not issue any insurance policies covering the Adani Carmichael coal mine.

The announcement comes after a pressure group called Insure our Future launched a website calling on Lloyd’s to strengthen its ESG policy and stop insuring coal and new oil and gas projects that exacerbate climate change.

Insure our Future is committed to stopping insurers underwriting fossil fuels, including any coal projects and any new oil and gas projects. It said the website, Lloydsinsureourfuture.com, provides a gateway to action for “the growing global network of organisations and individuals, including Lloyd’s own staff, who want Lloyd’s to stop insuring the world’s worst fossil fuel projects and remove the gaps and loopholes in its ESG policy”.

The website provides information and guidance for concerned staff at Lloyd’s who are encouraged to speak up to help Lloyd’s transform and details examples of projects known to be insured at Lloyd’s that the group says are not compatible with achieving the goals of the Paris agreement. These projects include the Adani Carmichael coal mine, as well as Trans Mountain tar sands pipeline, coal mining in Poland and exploratory oil drilling in The Bahamas.