Two other insurers desert the Trans Mountain pipeline

Two other insurers recently cut ties with the pipeline Trans Mountain which transports oil from the tar sands of Alberta to the Pacific coast.

On May 3, Arch Insuranceone of the unions affiliated to the Lloyd’s of London, confirmed his decision in an email sent to the Coal Action Network, a group of environmentalists. The insurer’s spokesperson indicated that the policy in force was not going to be renewed this summer.

On April 21, Aspen Insurance had made a similar announcement to the same coalition of environmentalists.

Environmental lobbies are constantly putting pressure on insurance companies, particularly targeting insurers in London, to stop covering oil operators.

Among the Lloyd’s insurers still associated with the Canadian pipeline or the exploitation of the oil sands, the environmental groups announce that they will notably target Beazley and NAC Hardy.

Last September, Chubb had become the 16th insurer to refuse to cover the pipeline acquired by the federal government a few years ago.

In April 2021, the Commission for energy board from Canada agreed to the request made by Trans Mountain ULC who wanted to keep the names of his insurers secret. The decision targeted the pipeline already in operation and not the expansion project, which is still under construction.

The RĂ©gie’s decision allows the public to see the total amount of coverage offered by each insurer, but whose name is redacted.

The expansion project, which was estimated at more than $7.4 billion (B$) at the time of the purchase in 2018, could now cost $21.4 billion, according to estimates made by stock market experts and revealed by CBC News on March 20.

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