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Lloyd’s Axis Capital Drops Bid to Cover Adani's Carmichael Mine in Australia

Coal News - Published on Mon, 07 Oct 2019

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Reuters reported that Lloyd’s of London insurer Axis Capital has become the latest to rule itself out of providing coverage for Adani Enterprises Ltd’s contentious Carmichael coal mine project in Australia. Axis has withdrawn its quotes for insurance of the mine’s railway. The insurer will publish a formal policy to cut its exposure to coal more broadly in the weeks ahead. 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.

As a result, 14 large insurers including AXA SA, 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.

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Posted By : Rabi Wangkhem on Mon, 07 Oct 2019
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