The insurance industry found itself in the spotlight last week as a Global Week of Action blossomed across the world. From February 27th to March 3rd 2024, a wave of protests, both online and in the streets, swept through the doors of insurance giants, demanding accountability over their support for polluters and decisive action on climate change.
Never before have these companies faced such pressure to clean their act up and insure our future, not fossil fuels. The Week of Action saw hundreds of thousands of people participating in online campaigns, while thousands more engaged in creative protests across 31 countries, spanning 5 continents. In total, over 100 events occurred worldwide, making it the largest ever coordinated campaign aimed at persuading the insurance industry to do the right thing.
The resounding message echoed by this global movement was clear: insurers can no longer hide their dirty deals with fossil fuel companies. As awareness grows around the crucial role insurers must play in solving the climate crisis, boardrooms and corner offices are abuzz with serious discussions about continued insurance coverage for polluting projects.
Coal Action Network combined forces with Extinction Rebellion, Stop EACOP and Tipping Point to hold the City of London to account. Here are the top picks from the Global Week of Action:
The week of action was opened on 27th February with sit-ins at 5 offices: Tokio Marine, Probitas, Talbot, Travellers and Zurich. Activists held banners reading “Don’t Insure EACOP” and “Don’t Insure West Cumbria Coal”.
Protesters joined arms around the whole of the iconic Lloyd’s of London building. The human chain lasted many hours, supported by beats from the samba band and performance from the ‘Discobedience’ dance group. There were speeches by Cumbrian activists and our own Will Attenborough from Coal Action Network.
Groups of friendly creatives, including Clowns and Crude Oil Mechanicals, visited the favourite watering holes of City workers at the Leadenhall Market, engaging insurance workers in discussion about the dangers of insuring new oil, coal and gas. Accompanied by the samba band, they gave out ‘Insure Our Future’ branded coasters.
A coalition of 12 climate justice groups came together in a moment of solidarity with the people of Palestine. A border wall was erected in front of the AXA building in London, to highlight the company’s continued investment in Israeli banks that fund an apartheid system and occupation of the West Bank. The coalition also demanded that AXA, as the 6th biggest fossil fuel insurer in the world, stops insuring all new oil, gas and coal expansion.
🔥 From Glasgow to Manchester, Birmingham to Brighton – local groups across the UK took to the streets to hold big insurers to account; including Zurich, Hiscox, Tokio Marine, AIG, Chubb, M S Amlin, QBE and AXA.
🌪️ Braving wild weather with courage and creativity actions included blockades, rallies, marches, occupations, letters, outreach and street theatre!
In Manchester, northern activists from a variety of climate action groups came together for a rally.
In Bristol rebels and Just Stop Oil activists held the roof of Tokio Marine overnight for 30hrs!
Activists from North East & Cumbria met at the AXA Insurance office in Middlesbrough with a coffin and banners for a die in with shrouds. Offices of AIG in Glasgow were occupied while a 100 others marched with Oil Slick performers, a bagpiper, and a huge "carbon bomb" to the Hiscox office nearby.
The Insurance Global Week of Action served as a wake-up call for an industry that has long operated in the shadows. Today, more people than ever before are acutely aware of the pivotal role insurers must play in transitioning towards a safe and healthy future. The global outcry has made it impossible for insurance companies to turn a blind eye to the mounting damage to our communities and our planet, caused by their enabling of polluters and new fossil fuels.
As the dust settles from this unprecedented mobilization, one thing is certain: the insurance industry can no longer afford to ignore the demands of a global movement that is determined to persuade them to do the right thing: insure our future, not fossil fuels.
Immediately cease insuring new and expanded coal, oil, and gas projects and the companies developing them.
Immediately adopt robust policies to ensure that clients fully respect all human rights, including Free, Prior, and Informed Consent (FPIC) of impacted communities.
Play an active role in the just transition by increasing support to clean energy projects by, and for, communities most impacted by climate change and facing energy access crisis.
After a week of peaceful protest around the world, alongside hundreds of groups, our efforts have paid off. Yet another leading insurance company, Probitas, has ruled out insuring the proposed West Cumbria coal mine and the East African Crude Oil Pipeline (EACOP).
Probitas is the 29th insurance company to rule out EACOP and the sixth to rule out West Cumbria coal mine.
Insurance is the polluters’ Achilles Heel - without it, polluters cannot operate coal, oil or gas projects. So if the insurance industry refuses contracts with new and expanding projects, that ends fossil fuel expansion for good.
The decision by Probitas is a strong sign that the insurance industry is starting to recognise the severe risks of dirty fuel projects - to their reputations, their bottom lines and to ordinary communities who want a safe, healthy word.
The more insurance companies pull away from these controversial projects, the harder it will be for them to raise the money they need to go forwards.
Another breakthrough came earlier in the week of action, when Zurich agreed to enter talks with campaign groups, including Extinction Rebellion, about Insure Our Future’s demands - including an end to insuring new fossil fuel expansion.
These victories can be attributed to the great diversity of approaches used throughout Insure Our Future’s Global Week of Action. Through many forms of non-violent protest and campaigning, groups encouraged insurance workers to reflect on how the industry’s support for new fossil fuels is making the world more chaotic, and the unique power of insurers to instead bring more safety and fairness to communities facing extreme weather and a lack of clean energy.
From protest marches to direct action, from petitions to mass phone calls and emails from volunteers, Coal Action Network and our many partner groups used all the tactics in the protest toolkit to urge insurance companies to step up.
In London, the week kicked off with a spectacular dance performance by Mothers Rise Up, directed by one of the world’s leading opera choreographers Denni Sayers, set against classical music and conveying an important message for insurers to protect children and future generations.
This was followed by office occupations and a peaceful protest that encircled the headquarters of insurance marketplace, Lloyd’s of London’s. Later, groups took similar action against insurers up and down the country in major cities, while many thousands took part in online mass emails, phoning and commenting on crucial platforms like LinkedIn.
The ongoing Insure Our Future campaign has the potential to prevent new coal, oil and gas projects from ever destroying our climate, communities and nature.
By working together, we can urge insurers to play their part in creating a safer, more secure world for future generations and countries on the frontline of the climate emergency.
We can achieve this if we convince enough insurance companies to reject contracts with the companies behind these two key ‘carbon bombs’ - the toxic French energy giant Total and West Cumbria Mining Limited.
The Global Week of Action is not over yet. Coal Action Network is keeping up the momentum by running another round of mass emails this week. To get involved, keep an eye on Coal Action Network’s social media pages.
Lloyd’s of London Chairman, Bruce Carnegie-Brown, has allegedly offered an ‘olive branch to eco-activists’ – as reported in The Insurer this week. Having listened to his comments, we’re not so sure – and we certainly won’t be placated until the insurance industry’s actions start speaking louder than their words.
Industry publication The Insurer has released two clips from a recent panel discussion on climate issues with Carnegie-Brown and Canada’s former Conservative prime minister Stephen Harper, chaired by The Insurer’s managing editor, Peter Hastie.
The Insurer’s basis for claiming Carnegie-Brown offered climate activists an ‘olive branch', is based around their assertion that he states ‘eco activists were “clearly” needed’ to bring about change. The clip from the discussion, however, presents a different story. Instead, Bruce describes ‘eco-activists’ as ‘unreasonable people.’ What Carnegie-Brown actually says is ‘clearly’ needed is ‘some change in our perceptions about the impact of the way we behave in our everyday lives.’ This speaks to a desire of top polluters and their enablers, the key drivers of climate change, to push the responsibility onto individual behaviour – and away from themselves. It also implies our everyday lives are equal in their contributions to climate change. In reality, the richest 1% of the population are responsible for more than 15% of global emissions. As highlighted by the United Nations’ IPCC, we need change on a much larger scale in order to avoid the worst effects of climate change. This includes, regardless of existing construction, no new coal plants to be built or become active.
One of Carnegie-Brown’s main criticisms of the growing global movement putting pressure on insurers worldwide was the ‘tendency to be single issue based.’ Instead, he argues that climate change cannot get addressed on a case-by-case basis. We would be the first to agree with that! We need market-wide policy to effectively mitigate climate change. This is something we have been continually pressuring Lloyd’s to take – our first demand of them is an immediate phase out of the insurance of all coal and fossil fuels. Lloyd’s targets are woefully inadequate, and there has been no effort to report on whether members are fulfilling their own commitments, though we know from other sources that they are not. In this sense, the same case-by-case basis ‘strategy’ that Carnegie-Brown is so critical of is driven in part by Lloyd’s own inaction and lack of transparency.
It is frontline communities who bear the brutal impacts of these projects. Our actions stand in solidarity with those most affected by extraction. It’s misleading to caution, as Harper does during the panel, that ‘satisfying the activists in London when you decommission a power plant, but on the ground in some emerging economy it may be terrible.’ This sets up a false dichotomy – implying those ‘on the ground’ are not actively campaigning against extraction, when in fact all the insurance campaigns we work on are led by communities on the ground who are demanding better alternatives to fossil fuels. There are the disastrous risks to people on the ground from the projects that continue to be insured on the London market, such as forced displacement, water contamination, catastrophes such as failed tailings dams, extensive habitat and biodiversity loss.
The concern voiced by the panel on behalf of ‘people on the ground’ is therefore misdirected. It would be better directed by placing exclusions on the Lloyds marketplace which would see these disastrous projects turned away at the door. We highlight that we are continuing to demand the democratisation of the insurance industry to force a just transition for all.
Carnegie-Brown also speaks of the need for ‘common data’ to support sector wide action on climate change. Yet the data is already there. And it says this: there can be no new fossil fuel projects starting after 2021 if we are to stay within 1.5 degrees of warming. Instead, Carnegie-Brown suggests a reduction of carbon intensive activity that ‘reduces every year to get to net zero by 2050.’ This flies in the face of existing data – net-zero by 2050 is not enough. At a bare minimum, we need the insurance sector to be meeting the United Nations’ Race to Zero criteria. Given the availability of extensive scientific evidence, the panel’s calls for ‘data’ in order to act seem really to be calls for data that support their current position, rather than challenge them to change.
So, while The Insurer reports on this positively, characterising it as recognising the need for climate activists to bring about change, at most this amounts to greenwashing. In a telling comment, Stephen Harper advises the insurance industry in the discussion to ensure that they ‘have a story’ (read: PR) about moving in a positive direction – whilst ensuring that this story doesn’t harm their ‘bottom line.’ As ever, profits come first.
A ‘story’ is not enough. We need those who currently hold the power to act to keep fossil fuels in the ground, and support just climate solutions. Until then, it seems we will have to carry on being ‘unreasonable.’
