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.
We’re thrilled to announce that after months of campaigning, five more major insurance companies have announced they will not support the East African Crude Oil Pipeline (EACOP)!
This is a huge win for communities all over the world fighting fossil fuel pollution.
With your support, we’ve kept the pressure up on companies at the controversial insurance marketplace, Lloyd’s of London. As a result, 5 of those companies – SiriusPoint, Riverstone International, Enstar Group, Blenheim and SA Meacock – all confirmed to us last week that they would have nothing to do with EACOP.
That brings the total to 28 global insurers now distancing themselves from the pipeline.
But we’re not stopping there. We’re going to ramp up pressure on the big insurers who are still choosing short-term profits over a safe future for our loved ones.
With your help, we can persuade major corporations AIG, Tokio Marine and Hiscox, to rule out involvement in EACOP.
From 26th Feb to 3rd March, we will be taking part in a Global Week of Action – with citizens from Africa to Latin America getting out on the streets and telling insurance companies to protect our future, not fossil fuels.
Sign up here to find exciting events near you.
The Global Week of Action is a perfect opportunity for us to win more victories in the fight against EACOP. Young people in Uganda and Tanzania have been bravely taking the lead, protecting their communities from exploitation and rising temperatures. Alongside Insure our Future and StopEACOP, Coal Action Network is standing in solidarity with them, holding insurance companies to account for their involvement in a dirty project that would endanger local people, and harm vital ecosystems.
EACOP is majority-owned (62%) by French oil giant Total, with the rest of the project owned by the state oil companies of China, Uganda and Tanzania.
But, the pipeline has struggled to get insurance and the $3bn loan it needs, causing construction to be delayed by over 4 years. Uganda’s Energy Minister has even said that, due to campaigners’ efforts, securing insurance has been the biggest challenge to the pipeline’s construction. And we’ve convinced 27 major banks to recoil from the project.
But we’re not stopping yet. Total and the Ugandan government are hoping China will step in and lend them the billions they need. Their deadline is April. If we can convince enough insurers to step away from EACOP by then, we will show the Chinese banks that the pipeline is just too risky to touch.
That’s why we will make our voices heard loud and clear on EACOP during the Global Week of Action.
On 18th October dozens of protesters staged a sit-in occupation of the plush City of London offices of ten Lloyd's of London insurers demanding they rule out insuring the proposed West Cumbria coal mine and East Africa Crude Oil Pipeline (EACOP).
In collaboration with Fossil Free London’s “Oil Money Out” and standing in solidarity with South African activists in Johannesburg, protesters gathered first at Standard Bank then marched waving banners saying “Don't Insure EACOP' and “Don't Insure West Cumbria Mine” to three high profile buildings including the “Walkie Talkie”.
In a simultaneous action others entered the office foyers of Talbot, Chaucer, Ascot, Markel, Allied World, CNA Hardy, Tokio Marine Kiln, and Sirius International and Lancashire Syndicates and refused to leave.
Community members from Cumbria and Uganda joined the protest, sharing the united call to insurers and banks to stop underwriting deadly fossil fuel projects. The West Cumbria Mine will break the UK government’s legally-binding net zero emissions target and the massive 1443 km East Africa Crude Oil Pipeline will wreak havoc on communities, jeopardise ecosystems and water supplies and eliminate the possibility of Earth remaining habitable. There can be no new fossil fuels anywhere if global heating is to remain under 1.5C. Neither project will be able to go ahead without financial backing.
The protesters were joined by Patience Nabukalu, a youth activist from Fridays for Future Uganda who said:
“We have gathered here today to demand that insurers cut ties with the EACOP. By supporting this deadly fossil fuel project they undermine any climate commitments they have made. People in Uganda are facing human rights violations in the name of this project. This has to end.”
Insurers from Lloyd’s of London have come under increasing pressure to rule out offering insurance to both the West Cumbria coal mine and EACOP, facing protests at offices across the UK with hundreds of students entering the job market refusing to work for them.
Claude Fourcroy, a spokesperson for Money Rebellion said: “We are calling on all the banks and insurers behind the West Cumbria mine and East Africa Crude Oil Pipelines to cut their ties now. Both of these projects will fuel climate breakdown. Lloyd’s of London and the insurers in its market sit at the centre of a web of climate wreckers in the City of London, alongside Barclays and HSBC.”
The occupations came on the second day of the Fossil Free London “Oily Money Out” protests targeting the Energy Intelligence Forum where fossil fuel corporations talk to government. This Forum occurs in the run up to the COP28 Climate Conference where President Sultan Al Jaber CEO of ADNOC (Abu Dhabi National Oil Company), has been captured by fossil fuel corporations.
There must be no more coal, no more gas and we must stop the flow of oil. Join our campaign to stop insuring the climate crisis.
This week, facing mounting pressure from campaigners, Lloyd’s of London syndicate, Probitas1492, ruled out providing insurance for Adani’s Carmichael coal mine and its related infrastructure. Probitas was known to insure the mine’s transport system, but also admitted that the mine itself had been insured through the Lloyd’s of London marketplace.
Ash Bathia, Chief Executive Officer of Probitas Managing Agency wrote to Money Rebellion, stating: “I can confirm that Probitas1492 ceased to provide insurance for the Adani Coal Mine at the end of last year, and will also not provide any insurance support in the future for any ancillary or associated activities, including the trainline, once the existing policies expire in the next quarter.”
Various environmental groups have targeted Probitas since February, when an industry tip-off revealed that they were underwriting Adani’s train line and haulage operation. Last week, Money Rebellion activists staged a ‘die-in’ protest at Probitas’s London office. This followed disruption to Lloyd’s AGM in May, and a delivery of giant Valentine’s Day cards asking Probitas to exit the mine, including from the head man of Waddananggu tribe.
Claude Fourcory, Money Rebellion, said: “This is a massive win for the movement. Deadly fossil fuel projects like Adani’s Carmichael mine can’t be allowed to continue. Insurers at Lloyd’s of London are only going to see bigger and bigger protests, as more people understand their involvement in enabling climate breakdown.”
Gurridyula Gaba Wunggu, Wangan and Jagalingou Cultural Custodian, said: “Probitas1492 has made the right decision – this shows the strength and determination of everyone who played their part in forcing their hand. This is also a message to all other Adani financiers and insurers – we are coming for you too and we will not stop until you pull out from Adani. This has been the homeland of our people for millennia. Any insurer or financier still backing Adani is complicit in the destruction of Wangan and Jagalingou homelands and the ethnic cleansing of our culture and people. Don’t underestimate our determination. We plan to be here until Adani is forced to abandon this project, so we can watch them pack up and leave our homelands for good.”
Set to be the largest coal mine in Australia, Carmichael has been called a ‘carbon bomb.’ [1] The Queensland project would produce enough coal over its lifetime to emit 4.6 billion tonnes of CO2, equivalent to over ten years of the UK’s annual emissions. The Australian coal is burned in Adani’s Godda power station in Jharkhand, India, which is already mired in human rights abuses including forced displacement, and two workers have been killed on site.
Probitas1492 now joins 45 of the world’s biggest insurers who have distanced themselves from the mine, including five that had previously provided Adani with coverage: Brit, Apollo, Ascot, Aspen, Tokio Marine and Kiln. 28 of these insurers manage syndicates at the Lloyd’s marketplace.
Marsh McLennan, the world’s largest broker, stopped arranging insurance for Adani last year due to pressure over the project’s environmental abuses.
The Adani Carmichael mine has received widespread condemnation from climate scientists and activists, both locally and internationally, for its impact on water usage and carbon emissions. The mine’s Abbot Point coal port is located in the Great Barrier Reef World Heritage Area, and campaigners estimate the mine would bring 500 coal ships through it every year.
Meanwhile, experts fear that Adani’s vast drainage of nearby groundwater may have already “locked in” irreversible damage to local, ancient wetlands known as the Doongmabulla Springs.
The springs are sacred to the land’s traditional owners, the Wangan and Jagalingou people, who have never given their free, prior and informed consent to the mine. Indigenous leaders have resisted the project since its inception.
Pablo Brait, Campaigner at Market Forces in Australia said: “The Carmichael coal mine is one of the most controversial projects in Australia’s history. It will drain the region of billions of liters of water per year, putting agriculture at risk. It is increasing industrialisation in the already distressed Great Barrier Reef, and it will fuel worsening floods, heatwaves and bushfires. The Carmichael operations are paving the way for more climate-wrecking coal mines in the region, and its dirty coal is being used by Adani to expand its fossil fuel burning activities in India.”
More trouble for Adani
Adani began exporting small amounts of coal from Carmichael in 2022 – 8 years behind schedule – and has been rocked by difficulties throughout.
Earlier this year, Lockton, another top-10 global broker, entered talks with Adani, before deciding in July not to proceed after pressure from campaign groups and staff.
In total, 113 major companies in the banking, insurance, rail freight and engineering sectors have now ruled out support for Adani Carmichael, or the Adani Group entirely. This includes banking giants BNY Mellon and China’s ICBC.
Controversy for Lloyd’s
Probitas1492’s involvement with Adani is understood by campaigners to have caused controversy within the Lloyd’s of London marketplace. Lloyd’s policy, as of 1 January 2022, asks syndicates not to take on new thermal coal risks. Lloyd’s has been criticised, however, for failing to implement this.
Andrew Taylor, Coal Action Network said: “The fact that the Adani coal mine infrastructure was still being insured through Lloyd’s points to an abject failure of its ESG policy. It shouldn’t take thousands of people from across the world to pressure Lloyd’s managing agents to cut ties with new fossil fuel projects. These companies need to act themselves and adopt policies and behaviour that reflect the existential threat climate change poses.”
Due to the pooled nature of coverage written at Lloyd’s, other syndicates may still be involved in Adani Carmichael. Lloyd’s managing agents yet to comment publicly on their involvement include: Barbican, Hamilton, Markel, Renaissance Re, SA Meacock and Starr.
Probitas1492’s withdrawal follows comments from Dominic Hoare, Chief Underwriting Officer at Lloyd’s Munich Re Syndicate and a senior industry figure, on the reputational risk of insuring fossil fuels: “Reputation is now key and reputation affects your share price…From our point of view, pressure to cease underwriting is very effective. Insurance is an incredible tool for enacting change.”
Lloyd’s of London is the world’s oldest and largest global insurance market. Developed in the 1600s, it drew its initial wealth from insuring the slave trade. It remains the world’s largest insurer of fossil fuels.
Following a week of protests, Cincinnati Global’s syndicate at Lloyd’s confirmed that it will not insure the East Africa Crude Oil Pipeline, which has been the subject of international protests.
(Nick Chalk), Active Underwriter with Cincinnati at Lloyd’s confirmed verbally with a member of the Insure our Future campaign, “We 100% do not write this project and we have no intention of ever writing it.”
“Thousands of Ekō and Coal Action Network members sent over 4 millions of emails, thousands of tweets and hundreds of phone calls to 3,140 Lloyd’s managing agents staff, demonstrating to the insurers the unfailing mobilization of people worldwide against the coverage of the shameful EACOP and any new destructive fossil projects, said Leyla Larbi, of international NGO Ekō.”
Talbot (AIG) at Lloyd’s, which has been equally targeted, also by street demonstrations, did not make a statement. Parent company AIG was also targeted the same week by protests at its New York headquarters on EACOP.
Isobel Tarr of Coal Action Network said “The pressure will continue to grow on Talbot and AIG to get them to commit to ruling out EACOP. When their counterparts in the Lloyd’s marketplace have started to rule out this monstrous pipeline, Talbot’s silence starts to sound like complicity with the project and all its associated climate impacts and human rights abuses.”
Following these protests, more accounts of associated human rights abuses have surfaced, as a French civil court heard the case against Total’s conduct brought by African Civil Society organisations. Witnesses detailed the French oil giant’s forceful acquisition of land and property leaving families without food. The case was ruled inadmissible on a technicality.
Meanwhile, community leaders in Uganda have reported an escalation in ‘phsychological torture’, by the Ugandan state, including harrasment and detentions, as the French oil company Total Energies and the Chinese state company CNOOC are moving ahead with the oilfields and pipeline projects.
Baraka Lenga, of the Tanzanian chapter of the international multi-faith network GreenFaith, said: “We applaud Cincinnati Global’s syndicate at Lloyd’s for taking a stand and refusing to insure the East Africa Crude Oil Pipeline. Their decision sends a strong message that the environmental and human rights impacts of this project cannot be ignored. However, Talbot’s silence in response to the protests is concerning. We urge them and AIG to listen to the concerns of local communities and to prioritize the protection of people and the planet above profit.”
ENDS
The EACOP would be the world’s biggest heated oil pipeline, stretching nearly 900 miles (1,443 kilometers) through the heart of East Africa from Uganda to Tanzania. The project, developed by the French oil company Total Energies and the Chinese state company CNOOC, has already caused large-scale displacement of local communities and poses grave risks to protected environments, water sources and wetlands in both Uganda and Tanzania. Those include the Lake Victoria basin, which 40 millions of people rely upon for drinking water and food production. If completed, it would also enable the extraction and transport of enough oil to generate over 34 million tons of CO2 emissions per year at peak production, exacerbating the ongoing climate emergency.
#StopEACOP
Since its inception, the project has faced opposition from affected communities along the pipeline route and their advocates, as well as the global #StopEACOP campaign that they built. For more on this, visit www.stopeacop.net.
To date, 24 banks and 23 insurance companies have ruled out providing support to the EACOP project due to the unacceptable environment and human rights impacts. The EACOP project backers are currently looking for funding and for re/insurance and are approaching the London financial and insurance markets for support. And social movements are responding with creative and direct action
Talbot Underwriting Ltd
Talbot is part of the AIG group of companies and manages the syndicate 1183 at Lloyd’s of London. AIG sets ESG policy for Talbot and has policies against some oil extraction including tar sands, but is also yet to comment on EACOP.
Cincinnati Global Underwriting Ltd
Cincinnati, which manages syndicate 318 at Lloyd’s, has previously issued public statements ruling out Adani Carmichael coal mine and the Trans Mountain Pipeline (Tar Sands)
Yesterday, 23rd February activists from the StopEACOP Coalition held an ‘oil spill’ demonstration outside the offices of two insurance companies, Talbot & Cincinnati Global Underwriting to demand the companies rule out the controversial East Africa Crude Oil Pipeline (EACOP).
Activists staged a moveable ‘oil spill,’ with hazard signs that highlighted the risks of the controversial project, outside the offices of Talbot, before taking the scene with them to Cincinnati Global Underwriting to target staff at both Lloyd’s of London insurers. Activists brought banners naming the individual insurers, demanding they distance themselves from fossil fuel projects like EACOP, and talked to staff to urge them to raise the matter internally.
Meanwhile, phone calls poured into the offices of both companies with supporters of the demonstration urging the company to take a position against EACOP on environmental and human rights grounds.
On the reason for targeting the firms Talbot and Cincinnati, Elara Shurety of Coal Action Network explained:
"While Cincinnati and AIG (parent company of Talbot) have ruled out other climate-wrecking projects such as Adani and the Trans Mountain Pipeline, they have stayed silent when asked about EACOP, and their oil and gas policies are relaxed enough to permit them to insure this climate disaster. We know that EACOP is seeking insurance at Lloyd’s where these companies manage syndicates."
Despite the growing controversy around the project, including human rights violations, the French oil company Total Energies and the Chinese state company CNOOC are moving ahead with the oilfields and pipeline projects.
Despite the growing controversy around the project, including human rights violations, the French oil company Total Energies and the Chinese state company CNOOC are moving ahead with the oilfields and pipeline projects.
Baraka Lenga, of the Tanzanian chapter of the international multi-faith network GreenFaith, said: "We urge Talbot and Cincinnati to commit publicly to ruling out the East African Crude Oil Pipeline. Our land, water, and natural resources are integral to our livelihoods and culture, and this pipeline poses a significant threat to our well-being and future with unacceptable risks and impacts. We implore the insurance companies to stand with us by prioritising the health and safety of our communities, as well as the preservation of our environment. Let us work together towards sustainable development that benefits everyone, instead of supporting a project that will only bring harm to our beloved home."
Maxwell Atuhura, of the Africa Institute for Energy Governance (AFIEGO) in Buliisa, Uganda, said: "Financial institutions and insurers that choose to lend their financial muscle to harmful fossil fuel projects, must recognise their role in fuelling the climate crisis that is devastating communities. It's time these institutions make a conscious effort to transition towards more sustainable and ethical investments. Those which have ruled out EACOP have chosen to prioritise the lives of communities and the future of our planet and generations to come."
The protest comes on day four of a coordinated 'global week or action on EACOP' by the StopEACOP coalition of civil society groups including Coal Action Network, Money Rebellion, Let’s Stop EACOP UK, BankTrack and Tipping Point UK. Throughout the week Lloyd’s insurers have been targeted through street demonstrations, online activities and phone calls. Since Monday an unprecedented 4 million emails have been sent to Lloyd's of London insurers by thousands of global supporters of the campaign, in a ‘communications blockade’ urging them to join the 22 other insurers that have already ruled the project out.
AIG, parent company of Talbot, will also be targeted by the StopEACOP global week of action in New York in a demonstration on Friday 24th February in NY on Friday.
Today we delivered Coedie's message and thousands others from around the world in the form of 6ft tall talking valentines cards, to all three of Probitas 1492's UK offices: Lloyds of London, Lime Street (London), and Manchester.
We want to make sure they can't ignore indigenous communities, and people all over the planet who will be impacted by this climate bomb. Check out some pictures from our action, your messages, and how to get involved in keeping the pressure on Probitas.
Printed inside the card: a lot of love for the planet and for the community resistance - not a lot of love for Probitas.
We need to show Probitas that the global movement against Adani won’t let them get away with their involvement. Will you join us and ramp up the pressure we’re placing on them?
We're asking our supporters to sign up to take regular action, emailing staff at Probitas over their companies role in enabling this carbon bomb. We'll be sending you new contact details at every few days – no two people will be receiving the same staff to contact. This tactic means that together we can contact more staff, and be as effective as possible in turning up the heat. Let's convince them to stop insuring climate breakdown.
As always, we'll be providing you with example emails to use & help along the way.
When we’ve taken action together, the #StopAdani movement has won against insurers and brokers again and again - now the industry knows it's one of the most controversial projects in the world. We need to make sure this climate-wrecking project has nowhere left to go.
Let’s make sure Probitas knows what it’s getting into: send your message today.
Four insurers ruled out EACOP in the past two weeks due to pressure from activists and engagement with campaigners, with Canopius the latest to distance itself from the mega-pipeline
A statement from Canopius followed the hand delivery of a letter from Money Rebellion, urging them to rule out the controversial project. Lee Jones, Head of Marketing and Communications at Canopius said: “Canopius can confirm that we have no involvement, or plans to be involved with the insurance of the East African Crude Oil Pipeline.”
The East Africa Crude Oil pipeline, or EACOP is a 1,443 kilometre pipeline planned for Uganda and Tanzania. It threatens to displace thousands of families and farmers from their land, severely degrade critical water resources and wetlands in both Uganda and Tanzania, and rip through numerous sensitive biodiversity hotspots. The oil transported via the pipeline would generate 34 million tons of carbon emissions each year. Local resistance against the project has been ongoing since 2017 as an international Stop EACOP campaign has led advocacy since 2020.
Activists pointed to insurers who have been contacted but are yet to rule out the project, including Brit, Chaucer and Tokio Marine Kiln, Chubb, Liberty Mutual and AIG, as the next targets. All have syndicates within the Lloyd’s of London marketplace which has been criticised over its lack of robust exclusions on fossil fuels.
Further companies with syndicates in the Lloyds marketplace yet to respond to the request for information about their involvement in EACOP include Cincinnati Global and Lancashire Syndicates.
This week, the Extinction Rebellion group, Money Rebellion, will hand-deliver letters to Brit, Chaucer, Tokio Marine Kiln and Chubb, encouraging them to rule out the controversial scheme.
Hundreds of activists from around the world have joined an online platform supporting them to contact insurers and make a case for staying away from EACOP by exposing the numerous climate, environmental, social risks and human rights violations associated with the project. Coal Action Network estimates that by Tuesday morning around two thousand emails will have been received by staff at Brit and Chaucer.
Last week the East African regional insurer Britam ruled out the project in response to a complaint that it did not meet the IFC (International Finance Consortium) Performance Standards. Arch and AEGIS, both Lloyds of London syndicates also ruled out involvement.
Samuel Okulony, of Ugandan organisation and #StopEACOP partner Environment Governance Institute (EGI), said, "Supporting projects that are marred by human rights violations, environmental degradation, and the destruction of our country's natural heritage is unacceptable. While some reinsurers and banks have abandoned the EACOP project due to its disastrous nature, we continue to urge those who are still considering it to refrain from being complicit and to withdraw financial support."
Isobel Tarr of Coal Action Network added, “Because the project can’t be fully insured in-country, global insurance broker Marsh is seeking insurance for EACOP on the international market. Lloyds of London is top of the list, and all the companies the #StopEACOP campaign is targeting syndicates there. If Lloyd’s brought in robust exclusions on fossil fuels then their syndicates wouldn’t be subject to such pressure from campaigners on projects like EACOP.”
EACOP has been condemned by the European parliament for its associated human rights abuses in Uganda and Tanzania with arrests and indefinite detention of peaceful protestors taking place in October, forcing other insurers to distance themselves. The pipeline and associated Tilenga oil field are expected to displace almost 118,000 people in Uganda and Tanzania. And nearly a third of the pipeline would be built in the Lake Victoria Basin, on which more than 40 million people depend for their water and food production and where an oil spill would be disastrous.
The East Africa Crude Oil Pipeline is a heated oil pipeline currently under construction. Once completed, it will stretch for almost 1,445 kilometres across Tanzania and Uganda – making it the longest heated crude oil pipeline in the world.
The pipeline will disturb sensitive ecosystems, and a vital water supply supporting 40 million people. Its ongoing construction has already displaced thousands of people in villages in Uganda, with 100,000 people expected to be displaced.
Insurers are openly ruling out EACOP in quick succession, including 4 of the world’s biggest re(insurance) companies: Munich Re, Swiss Re, Hannover Re, and SCOR.
We can see these tactics are working - we just got Arch and AEGIS to rule out insuring this deadly project. But we need all insurance companies to rule out EACOP, and stop the toxic pipeline at its source. Next, we want Brit, and Chaucer insurance to rule it out, and we know that constant pressure works.
SIGN UP to take action, and you will receive details of new people at Arch to email every couple of days. Let's convince them to stop insuring climate breakdown.
