‘Don’t insure oil, gas and coal’

Extinction Rebellion Calls on UK Insurance Firms to End Coverage of Fossil Fuels

Extinction Rebellion (XR) has taken a bold step by writing to senior executives at UK-based insurance firms, urging them to discontinue their coverage of fossil fuels. The environmental campaign group sent the letter on Monday, in anticipation of a week of protests scheduled to take place in London and across the UK from October 28.

The letter issued a direct challenge to insurance bosses, calling on them to “make a pledge to get out of new oil, coal, and gas – or face actions and protests.” XR has announced that members of the public will join its activists in targeting insurers through peaceful actions in the City of London.

Following three days of concentrated action in the capital, the campaign will expand to include protests at the offices of insurers in various towns and cities throughout the UK.

The ultimatum outlined in the letter stated, “You have 14 days from today to make a public declaration that you will cease insuring all new fossil fuel projects. Failure to do so by October 28 will result in your business becoming the focal point of numerous nonviolent direct actions carried out by thousands of XR activists and their allies during a week of protests in London and across the UK, extending into the following weeks and months.”

This initiative follows previous protests by XR targeting City of London insurance firms in February, as part of a global action week that saw demonstrations held in 27 cities worldwide to draw attention to the insurance industry’s role in the climate crisis.

Industry Challenges

Many insurance companies generate profits by underwriting fossil fuel projects, such as oil rigs and coal mines. However, the industry is also grappling with significant challenges posed by global warming, as the escalating impacts of climate change increase the risk of liability for certain types of insurance and drive up costs.