Jessica joined RWA in 2018, having graduated with a First Class Honours degree in Film Studies. Her role as a content designer involves developing new and engaging e-learning modules as well as assisting in the creation of articles for Insight.
Insurers given ultimatum on insuring new fossil fuel projects
Activist group Extinction Rebellion (XR)has issued a letter to multiple insurance firms this week threatening to carry out protests if the firms continue to insure new fossil fuel projects.
The group urged the companies that they have until 28 October to “make a pledge to get out of new oil, coal and gas” or “become the focus of a wide range of non-violent direct actions by thousands of XR activists and their allies” over the next few weeks.
“Our aim will be to permanently toxify your brand in the minds of public and business communities,” the letter warns.
It is not the first time the group has targeted insurers this year. In February, RX protesters occupied the offices of Tokio Marine, Probitas, Travelers and Talbot until company bosses agreed to listen to their concerns about insuring projects that protesters claim could cause a “climate breakdown”. In that same month, another protest group known as Shut the System, also targeted the Tokio Marine, AIG and Zurich London by splattering fake blood around the offices.
The recent protest threat follows a report from Reclaim Finance which claimed that Lloyd’s of London was “holding back” climate action by continuing to support fossil fuel expansion. The report revealed that just five out of 51 managing agents had policies restricting cover for new coal projects and new oil and gas fields.
Steve Tooze, XR’s Insure Our Survival campaign spokesman, said that insurers are “choosing to bet on profits from underwriting oil, gas and coal projects that are accelerating the climate crisis to levels that could destroy our civilisation in our lifetimes.”
He added: “In effect, insurers are insuring the worst people in the world to dig up more fossil fuels that cause extreme weather and flood our homes.
“Then they are charging us more and more to insure our homes against the increasing risk of flooding.”
But he pointed out that there still lies an opportunity for insurance bosses to be “heroes” by cutting ties with fossil fuel companies and taking a stand against the destruction of our planet.
Thousands are expected to gather in the City of London starting on October 28 to participate in a series of direct actions as part of XR's Insure Our Survival campaign. Following three days of concentrated activity in the capital, the campaign will broaden its efforts by focusing on insurers in various towns and cities across the UK.
Protests against the insurance industry are nothing new. The biggest concern now for firms is that even if they do not directly underwrite risks affecting the climate, they could still end up caught in the crosshairs of these protest groups for their coverage of specific clients.