World’s largest insurance broker under pressure
Published : Thursday, 5 March, 2020 at 4:52 PM Count : 1008
Senior executives of Marsh, the world’s largest insurance broker, will meet in the United States this week to decide on a new global position on the coal project, including whether to continue support for the Adani Carmichael coalmine.
Marsh has been under pressure, both in Australia and abroad, for acting as a broker for the controversial Adani Coal and Rail project in northern Queensland.
Guardian Australia understands that Marsh was trying to arrange insurance coverage for Carmichael components, with top-level insurers in the world publicly saying they would not cover the project.
Environmentalists and activist groups seeking to halt the Adani project have been focusing significant efforts toward the insurance industry in recent months. John Quiggin, a professor of economics at the University of Queensland, says the Carmichael project cannot proceed without insurance.
On Tuesday, Marsh’s Australian employees attended a town hall-style meeting in Melbourne. When asked about pressure on Marsh from working groups to work for Adani, Marsh Pacific CEO Nick Harris defended the broker's involvement in the coal project.
But Harris told staff that the company's top global executives are under pressure and will meet in New York on Thursday to “build a position on the matter.”
It is understood that this week's meeting will include Marsh CEO John Doyle and parent company Marsh and McLennan CEO and Dan Dan Glazer.
Glasser previously talked about how climate change is one of the biggest risks for the insurance industry.
In a private coal campaign, Peter Bossard said that the global insurance industry is moving away from coal and Marsh needs to “join the trend.”-Internet