​Extinction Rebellion issues protest threat to multiple UK insurers

Extinction Rebellion (XR) has threatened to carry out protests against multiple insurance firms if they continue to insure new fossil fuel projects.

The group said it had written to a range of senior executives at UK-based firms, warning them that they had two weeks to cease such insurance activity.

“You have 14 days from today to make a public declaration that you will stop insuring all new fossil fuel projects,” the letter said.

“Your failure to make such a declaration by October 28 will mean that your business in the UK will become the focus of a wide range of non-violent direct actions by thousands of XR activists and their allies during a week of actions in London and across the UK, [as well as] in the weeks and months after that.”

Steve Tooze, a spokesperson for XR campaign Insure Our Survival, added: “The insurance industry has the power to stop the fossil fuel industry in its tracks by withdrawing the insurance that protects them from huge financial losses when things go wrong in a high-risk industry.”

Report warning

This comes after Reclaim Finance issued a report that claimed Lloyd’s of London was “holding back” climate action through its ongoing support for fossil fuel expansion.

The report, published on 9 October 2024, revealed that just five out of 51 managing agents had policies restricting cover for new coal projects and new oil and gas fields.

It added: “Reclaim Finance is urging Lloyd’s managing agents to take responsibility and introduce robust policies. Meanwhile, Lloyd’s should leverage its power to regulate its market.”

Speaking about the report, Ariel Le Bourdonnec, insurance and reinsurance campaigner at Reclaim Finance, said: “Lloyd’s of London likes to present itself as championing the transition, but in reality, it is allowing the fossil fuel industry to carry on expanding.

“Lloyd’s has the power and responsibility to control its own market, but has chosen not to do so, giving its managing agents free rein to turn its net zero promise into an empty pledge. As a result, it has become the insurer of choice for fossil fuel expansion.

“If the Lloyd’s market wants to be taken seriously as a leading player in the transition, its managing agents need policies now.”