"We’re here because insurers are still insuring fossil fuel projects that create the extreme weather that’s flooding our homes, threatening to destroy our food supply, and killing billions."
- Lisa Ridley from Extinction Rebellion Manchester
On the 31st October, hundreds of protesters from Extinction Rebellion hit the streets of Manchester as part of its major national campaign to ‘Insure Our Survival’. Activists called for insurers to “Dump all new oil, gas & coal now – or we’ll keep coming back” whilst carrying oars, banners, and placards saying, ‘Only Fools Insure Fossil Fuels’ & ‘Floody Hell’.
To emphasise the impact of climate change, protesters wore extreme wet weather gear such as sou’westers and lifejackets while visiting the Manchester-based offices of Tokyo Marine, Liberty, Traveler, AXA & Markel Insurance.
Several protesters wearing hazmat suits created crime scenes outside these offices with swathes of police tape and flood warning signs, and a splinter group occupied the lobby of AIG’s office in Deansgate for several hours – despite peaceful requests, no staff engaged with the group.
“We’re here because insurers are still insuring fossil fuel projects that create the extreme weather that’s flooding our homes, threatening to destroy our food supply, and killing billions. The fossil fuel industry needs insurance to go ahead with more digging & drilling for oil, gas, and coal which is accelerating the climate crisis. These insurers could be climate heroes and use their ‘superpower’ to shut down fossil fuel projects,” stressed Lisa Ridley from Extinction Rebellion Manchester.
She said: “They could invest in renewable energy projects instead and ensure our survival. We’re already seeing more extreme weather in the UK, with many areas flooding after days of heavy rain. Meanwhile, Home Insurance prices are going up, some homeowners can’t even get insurance anymore.”
During the occupation of AIG’s office, Sue Houseman called for the insurer not to support three fossil fuel projects: the East African Crude Oil Pipeline (EACOP) in Uganda & Tanzania, the Adani Carmichael Coalmine in Australia, and Freeport LNG in Texas, USA.
“We’re reading out testimonies from African mothers which tell of the suffering and dehumanisation that projects like EACOP are causing to ordinary families. Out of sight is not out of mind – the damage is real and devasting. Insurers must put people before corporate greet and start insuring our survival, not our destruction,” she cried.
Since the ‘Insure Our Survival’ campaign was established, Zurich Insurance has pledged not to insure any future oil or gas projects. First reported by Bloomberg, the insurer said these investments fail to align with its net zero by 2025 ambitions.
In 2023, Zurich Insurance’s involvement with oil or gas projects generated $2.1bn in premiums – this equated to 7% of the insurer’s total commercial premiums. Projects included the fossil fuel infrastructure spanning North Sea drilling to US natural gas terminals.
New restrictions mean the insurer will now have to ask its highest-emitting corporate customers to reduce their carbon footprints. Further details of the policy will be included in Zurich’s climate transition plan, which will be announced later this year. This decision is limited to new fossil fuel projects, so Zurich will continue to underwrite existing ones.
