Insurers start to rule out cover for new UK coal mine

Four insurers have confirmed they will not insure the UK’s new coal mine in West Cumbria, according to campaign group Coal Action Network.

AEGIS Managing Agency, Argenta Syndicate Management, Hannover Re and Talanx are the first to rule out backing the project, the group said as it steps up its campaign to halt plans for the UK’s first new coal mine in 30 years.

Coal Action Network said many insurers have put in place plans to phase out underwriting coal projects but often don’t extend to metallurgical coal that is set to be extracted from the West Cumbria mine.

“Coal Action Network hopes that the campaign to cut off insurance from the West Cumbria mine will lead to the insurance industry expanding existing policy exclusions to include coal for steel production,” it said.

A series of protests are taking place today across the UK as part of wider global action, highlighting the role of financial institutions in continuing fossil fuel production. In London, Lloyd’s and HSBC were named as targets for today’s protests.

Andrew Taylor from Coal Action Network said: “Today people have taken to the streets to demand that insurers and banks, including HSBC, turn their backs on this disastrous fossil fuel project. Four insurers stating that they won’t be involved is just the beginning.”

Claude Fourcroy from Money Rebellion, which supported the national day of action, said: “The West Cumbria mine is incompatible with the UK’s climate commitments and will fuel climate breakdown. The City of London needs to stop funding and insuring new fossil fuels now.”