Lloyd’s insurer Apollo drops Adani’s coal project

Written by Adam Cadle

29/10/2020

Adani’s insurer and Lloyd’s of London syndicate Apollo has dropped Adani’s coal project after pressure from climate campaigners.

Apollo confirmed the insurer will not provide cover for Adani’s coal mine, rail project or coal port after their current construction terminates in September 2021. This news comes as over 500 people from around the world joined a successful online rally calling on Lloyd’s to stop insuring Adani’s Carmichael coal mine through a number of actions. 
 
The syndicate also revealed that Adani is still looking for insurance for the port and rail elements of their Carmichael coal project. In an email to Market Forces, Julian Cusack, chair of the board of directors of Apollo Syndicate Management, said: “I can confirm that we participate in one construction liability policy in respect of Adani Carmichael. Construction policies are generally taken out for single fixed periods and as such are not subject to renewal. This particular policy terminates in September 2021 after which we will no longer provide any insurance cover for this project.

“We have recently declined to participate in an additional policy relating to the Port and Rail extension and have agreed that we will not participate in any further insurance policies for risks associated with this project.”

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