Who gains from saving nature
Ledger 1 : 33 — For each dollar financing nature-based solutions in 2023, about $33 financed activities harmful to nature. (UNEP)
Cases / Insurance declined or withdrawn · Australia · 2015–2025

Insurers of the Carmichael coal mine

Nature's voice · report
No measurement of the harm done to me here is on record.
Did nature suffer? Not measured.
Not on record
  • The record does not name which of my species, waters, soils or forests were harmed.
What the record lacks: 3 none on record · 1 not disclosed · 1 insufficient · 1 not measured · 3 disputed · 4 unclear See the gaps

By July 2023 campaigners counted 46 insurers that had publicly ruled out cover for Adani's Carmichael coal mine in Queensland. The mine operates, and Bravus has said it holds the insurance it needs without naming any insurer.

46Insurers counted as having ruled out cover for the Carmichael mine, July 2023
Count kept by campaigners (Market Forces); not an audited figure. No later count was found.

Status As of October 2026 (latest research date): the mine operates; 46 insurers were counted by campaigners as having ruled out cover by July 2023; Bravus has not named its insurers.

What?
Insurers and the mine's long-standing broker publicly withdrew or declined to support the Carmichael coal mine between 2018 and 2023; the mine operates and its current insurers are not public. Market Forces
Where?
Carmichael coal mine and rail project, central Queensland, Australia. World Coal
When?
2015 (broker hired; early works insured) to 2025 (expansion announced).
Who?
Gained
  • Adani (Bravus) — Operates the mine; production above 10 Mt a year and expansion to 16 Mt a year announced in August 2025. World Coal
Lost
  • Adani (Bravus) — Its broker Marsh ended the relationship (June 2022) and a series of insurers withdrew or declined cover (2018–2023). Market Forces
Harmed
None on record
Why?
Campaigners asked insurers and brokers to rule out cover; AXA stated in December 2017 that “It would be inconsistent to commercially support industries that the Group is divesting from.” AXA
How?
Insurers and a broker made public statements to campaigners and the press; the campaign group Market Forces kept a running count. Market Forces
6 of 6 questions answered from the record

What happened

The record, in order.

The Carmichael coal mine and rail project in Queensland, Australia, is operated under the Bravus name as part of the Adani group. Campaigners asked insurers and brokers to rule out cover for the project from 2018–2019. Adani hired the broker Marsh in 2015 to place cover; invoices were leaked by a Marsh employee and reported by the Sydney Morning Herald in 2020. Liberty Mutual and HDI had insured early site works dating back to 2015, according to Bloomberg.

In December 2018, ten insurers and reinsurers said they would not support the mine: Allianz, AXA, Swiss Re, Munich Re, QBE, Suncorp, FM Global, Generali, Zurich and SCOR. On 20 June 2019 Liberty Mutual confirmed it would not insure the mine. Lloyd's confirmed that some of its members had insured the mine from 2019 but would not name them.

In 2020 the Sydney Morning Herald, citing the leaked Marsh invoices, named XL Australia (AXA) as having charged Adani for cover; AXA said it had no active policies and ruled out future cover. In 2021 Apollo (Lloyd's) said it would not take part in further policies, and Ascot declined to renew. On 24 February 2021 Brit said it did not and would not write policies relating directly to the mine; the campaigners' count was then 31 insurers, 20 of them at Lloyd's.

On 23 June 2022 Marsh, the mine's long-standing broker, confirmed to campaigners that it had ended its commercial relationship; the count was then 44 insurers. In December 2022 Market Forces, citing “insider information”, named Probitas 1492 as insurer of the rail line, Bowen Rail Company and the NQXT port. In July 2023 Probitas said it had stopped covering the mine at the end of 2022 and would not renew the rail cover; it was counted as the 46th insurer to rule out cover. The broker Lockton also declined after talks.

The mine operates, with production above 10 million tonnes a year. In August 2025 Bravus announced an expansion to 16 million tonnes a year and an A$2 billion mining contract with MacKellar. Bravus says it “has the requisite insurance in place for the Carmichael mine and rail Project” and names no insurers. Berkshire Hathaway, Korean Re, Markel and WR Berkley are listed by campaigners as not having ruled out cover.

  1. 2015Adani hires Marsh to place cover; Liberty Mutual and HDI insure early site works
  2. 2018Ten insurers and reinsurers say they will not support the mine (Dec)
  3. 2019Liberty Mutual confirms it will not insure the mine (20 Jun); some Lloyd's members insure it from 2019
  4. 2020Leaked Marsh invoices reported by the Sydney Morning Herald; AXA says it has no active policies
  5. 2021Brit statement (24 Feb; count 31); Apollo and Ascot withdraw
  6. 2022Marsh ends its relationship (23 Jun; count 44); Market Forces names Probitas 1492 (Dec)
  7. 2023Probitas says it stopped covering the mine at end-2022; counted as the 46th insurer (Jul)
  8. 2025Bravus announces expansion to 16 Mt a year and an A$2 billion contract (Aug)

What was said

Claims, in the words of those who made them.

“does not, has never, and will not write any policies relating directly to the Adani Carmichael coal mine itself.”

“would not participate in any further insurance policies for risks associated with this project.”

“We do not currently cover the Carmichael mine's assets, neither directly nor through packages.”

“Aon does not provide insurance broking or other services to the Adani Carmichael project.”

“AXA will stop insuring any new coal construction projects”

AXA press release · 12 December 2017 · AXA

“has the requisite insurance in place for the Carmichael mine and rail Project.”

Bravus · undated

Where accounts differ

Each party's account, side by side, with its source. The record does not settle these points; it shows them.

Who insures the Carmichael mine?
Company or project
Bravus

“has the requisite insurance in place for the Carmichael mine and rail Project”; names no insurers.

Company or project
Lloyd's

Confirmed that some of its members insured the mine from 2019 but would not name them.

Insurance Business Australia
Communities and civil society
Market Forces

Lists Berkshire Hathaway, Korean Re, Markel and WR Berkley as not having ruled out cover, and AIG as having “not ruled out providing insurance”.

Market Forces
Did Probitas 1492 insure the mine and its rail and port assets, and does it still?
Communities and civil society
Market Forces

Named Probitas 1492 in December 2022, citing “insider information”, as insurer of the rail line, Bowen Rail Company and the NQXT port.

Market Forces
Company or project
Probitas

Said in July 2023 that it had stopped covering the mine at the end of 2022 and would not renew the rail cover.

Commercial Risk Online
Did AXA cover the Carmichael mine?
Press and investigations
Sydney Morning Herald (via Insurance Business)

Reported in 2020, from leaked Marsh invoices, that XL Australia (AXA) had charged Adani for cover.

Insurance Business Australia (reporting the Sydney Morning Herald, 2020)
Company or project
AXA

Said it had no active policies and ruled out future cover; also “We do not currently cover the Carmichael mine's assets, neither directly nor through packages.”

Market Forces

How it looked

What was shown, beside what was recorded.

Shown

  • Bravus said it “has the requisite insurance in place for the Carmichael mine and rail Project” and named no insurers.
    Bravus

Recorded

  • Ten insurers and reinsurers said in December 2018 they would not support the mine (Allianz, AXA, Swiss Re, Munich Re, QBE, Suncorp, FM Global, Generali, Zurich, SCOR); this is a campaign-sourced report.
    Reinsurance News
  • Liberty Mutual confirmed on 20 June 2019 that it would not insure the mine; Liberty and HDI had insured early site works dating back to 2015.
    Rainforest Action Network
  • Marsh, the long-standing broker, confirmed on 23 June 2022 that it had ended its commercial relationship (as reported by Market Forces).
    Market Forces
  • Probitas said in July 2023 that it had stopped covering the mine at the end of 2022 and would not renew the rail cover; it was counted as the 46th insurer to rule out cover.
    Commercial Risk Online
  • Lloyd's confirmed that some of its members insured the mine from 2019 and would not name them.
    Insurance Business Australia
  • Production is above 10 million tonnes a year; expansion to 16 million tonnes a year and an A$2 billion mining contract were announced in August 2025.
    World Coal
  • Banking on Climate Chaos 2026 names JP Morgan, MUFG, HSBC and BlackRock as financiers of the Adani Group's Carmichael coal mine; it gives no bank-by-bank amounts.
    Banking on Climate Chaos coalition

Who gained

Money that reached nature, beside money that stayed elsewhere.

Reached nature or the ground

Not published
No figure published.

Gained elsewhere

Not totalled
Currency: AUD · Window: . All figures cover the same period. * Estimate built from cited figures.

Responses on record

  • bravus (undated): “has the requisite insurance in place for the Carmichael mine and rail Project”; names no insurers.
  • marsh (23 June 2022): Confirmed that it had ended its commercial relationship with the mine (as reported by Market Forces). · Market Forces
  • lloyds (undated): Confirmed that some of its members insured the mine from 2019 but would not name them. · Insurance Business Australia
  • probitas (July 2023): Said it had stopped covering the mine at the end of 2022 and would not renew the rail cover. · Commercial Risk Online
  • brit (24 February 2021): “does not, has never, and will not write any policies relating directly to the Adani Carmichael coal mine itself.” · Insurance Business Australia
  • axa (2020): Said it had no active policies and ruled out future cover (as reported after the 2020 Marsh invoice leak). · Insurance Business Australia (reporting the Sydney Morning Herald, 2020)
  • aon (undated): “Aon does not provide insurance broking or other services to the Adani Carmichael project.” · Market Forces
  • wtw (undated): Declines to comment on clients; listed by Market Forces as not ruled out. · Market Forces

In court and with insurers

Every proceeding and every insurer decision on record.

Lawsuits and rulings

No court case on record. No court has ruled on this case.

Insurers

  1. 2019Cover declined
    Liberty Mutual → Adani (Carmichael early site works)

    Insured early site works dating back to 2015 (Bloomberg); confirmed on 20 June 2019 that it would not insure the mine. Rainforest Action Network

  2. Cover declined
    HDI Global → Adani (Carmichael early site works)

    Insured early site works dating back to 2015 (Bloomberg); Market Forces records that HDI Global “terminated the insurance cover”. The year of termination is not given. Mining.com (via Bloomberg)

  3. 2019No policy found
    AIG → Adani (Carmichael on-ground works)

    Market Forces records that AIG “has not ruled out providing insurance” and was insuring on-ground works until 30 September 2019. Market Forces

  4. 2018Cover declined
    Allianz → Adani (Carmichael mine)

    One of ten insurers and reinsurers that said in December 2018 they would not support the mine; Market Forces quotes Allianz as no longer offering “single-site/stand-alone insurance coverages related to… coal plants and mines”. Reinsurance News

  5. 2020Cover declined
    AXA (XL Australia) → Adani (Carmichael mine)

    One of the ten in December 2018. The Sydney Morning Herald reported in 2020, from leaked Marsh invoices, that XL Australia (AXA) had charged Adani for cover; AXA said it had no active policies and ruled out future cover. Insurance Business Australia (reporting the Sydney Morning Herald, 2020)

  6. 2018Cover declined
    Swiss Re → Adani (Carmichael mine)

    One of the ten in December 2018; Market Forces quotes the policy: “Swiss Re's group-wide coal policy prohibits providing re/insurance for thermal coal mines”. Market Forces

  7. 2018Cover declined
    Munich Re, QBE, Suncorp, FM Global, Generali, Zurich, SCOR → Adani (Carmichael mine)

    Said in December 2018 that they would not support the mine, as reported by Reinsurance News (a campaign-sourced report). Reinsurance News

  8. 2021Cover declined
    Brit (Lloyd's) → Adani (Carmichael mine)

    Said on 24 February 2021 that it “does not, has never, and will not write any policies relating directly to the Adani Carmichael coal mine itself.” Insurance Business Australia

  9. 2021Cover declined
    Apollo (Lloyd's) → Adani (Carmichael mine)

    Said in 2021 that it “would not participate in any further insurance policies for risks associated with this project”; its existing cover expired in September 2021. Insurance Business Australia

  10. 2021Cover declined
    Ascot (Lloyd's) → Adani (Carmichael mine)

    Declined to renew its cover in 2021. Insurance Business Australia

  11. 2023Cover declined
    Probitas 1492 (Lloyd's) → Adani (Carmichael mine, rail line, Bowen Rail Company, NQXT port)

    Market Forces named Probitas 1492 in December 2022, citing “insider information”. In July 2023 Probitas said it had stopped covering the mine at the end of 2022 and would not renew the rail cover; it was counted as the 46th insurer to rule out cover. Commercial Risk Online

  12. 2019No policy found
    Unnamed Lloyd's members → Adani (Carmichael mine)

    Lloyd's confirmed that some of its members had insured the mine from 2019 but would not name them. Insurance Business Australia

  13. No policy found
    Berkshire Hathaway, Korean Re, Markel, WR Berkley → Adani (Carmichael mine)

    Listed by campaigners as insurers that have not ruled out cover. The sources give no information on any policy.

  14. No policy found
    Unnamed (Bravus statement) → Bravus (Carmichael mine and rail project)

    Bravus says it “has the requisite insurance in place for the Carmichael mine and rail Project” and names no insurers.

What nature saw

Outcomes measured on the ground, and nature's note.

Nature's report opens this page. Below: further outcomes measured on the ground.

Insurers counted as ruled out
46
Campaign count, July 2023
Production
> 10 Mt/yr
Expansion to 16 Mt/yr announced August 2025
Insurers named by the operator
None
Bravus names no insurers; Lloyd's would not name members

What we don't know

Undisclosed, unproven, untried: recorded as data.
No court caseKey earnings undisclosed

Nature

  • Not measured Harm to nature: The record holds no measurement of harm to nature.

Court

Insurers

  • Unclear AIG: no decision on record.
  • Unclear Unnamed Lloyd's members: no decision on record.
  • Unclear Berkshire Hathaway, Korean Re, Markel, WR Berkley: no decision on record.
  • Unclear Unnamed (Bravus statement): no decision on record.

Accounts

  • Disputed Who insures the Carmichael mine?
  • Disputed Did Probitas 1492 insure the mine and its rail and port assets, and does it still?
  • Disputed Did AXA cover the Carmichael mine?

Record

  • None on record Who insures the mine now is not public: Bravus names no insurers and Lloyd's would not name its members.
  • Insufficient Campaigners report that the mine is self-insured; this is reported but not independently verified.
  • None on record The December 2022 report naming Probitas 1492 as insurer of the rail line, Bowen Rail Company and the NQXT port relied on “insider information”; Probitas's July 2023 statement refers to the mine and the rail cover.
  • Not disclosed Premiums, limits and the terms of any cover for the mine are not disclosed.

Did the harm stop?

Insurer withdrawals did not halt the mine: it operates at above 10 million tonnes a year and an expansion to 16 million tonnes a year was announced in August 2025.

Who paid?

Not applicable: the record concerns who insures the project, not a loss event.

Sources

Voices on record: ✓ Company or project— Government and regulators— Courts✓ Press and investigations✓ Communities and civil society— Researchers

Company or project

Press and investigations

  4. Brit does not, has never, and will not insure Adani coal mine
    Insurance Business Australia · 2021-02-24
  8. Marsh employee leaks contentious insurance deal documents
    Insurance Business Australia (reporting the Sydney Morning Herald, 2020) · 2020

Communities and civil society

  3. Probitas1492 Adani insurers
    Market Forces · 2022-12
  5. Banking on Climate Chaos 2026
    Banking on Climate Chaos coalition · 2026

Connected cases

Related matters, and cases linked to this one through the same organisations, with the role each played in both.
Terms used on this page

Insurance

Captive insurer, self-insurance
A company covering its own risks, either directly or through an insurance company it owns.
Hull insurance
Insurance on a ship itself, covering damage to or loss of the vessel.
Premium
The price paid for an insurance policy.
Reinsurance
Insurance bought by insurers to pass part of their own risk to other companies.
Underwriter
An insurer, or a person at an insurer, who assesses a risk and decides whether and on what terms to insure it.

Law and courts

Arbitration
A private dispute process in which an appointed arbitrator, instead of a court, decides the case.