‘Stop insuring fossil fuel’: activists target London insurers in week of action

Marches, protests and sabotage attacks as City at forefront of global campaign against industry

Traffic petered out on Gracechurch Street, in the heart of London’s financial district, as hundreds marched down the road, in step with samba drummers beating a military tattoo. “Climate activists for a free Palestine,” said the banner that led them.

Their target was No 20, an office housing the UK headquarters of Axa insurance group, which, as well as being the world’s sixth biggest underwriter of fossil fuel projects, has been singled out as a facilitator of Israel’s illegal settlements.

All week, London has been at the forefront of a global campaign of actions against insurance companies. Activists in nearly 30 countries across five continents have held marches, rallies, protests, community events and sabotage attacks targeting the industry.

The aim, according to Ilana Winterstein, a spokesperson for the Insure Our Future campaign, has been to “spotlight the key role the insurance industry plays in the climate crisis – without insurance, fossil fuel projects can’t operate – and to highlight that insurers could be the unlikely heroes the world needs if they act now and stop insuring fossil fuel expansion.

“Major insurers have so far flown mainly under the radar when it comes to public scrutiny of their part in climate breakdown, and this week is designed to raise global awareness and put pressure on execs to take the action needed and introduce clear fossil fuel exclusion policies.”

In London, the global centre of the insurance industry, supporters of Extinction Rebellion (XR) and other groups occupied the officers of Tokio Marine, Talbot/AIG, Zurich, Probitas and Travelers, formed a human chain around the Lloyd’s of London insurance market, and lobbied industry employees in pubs and bars in the financial district.

Most actions were disruptive but peaceful, with XR counting 14 arrests among its supporters. The exception was a sabotage attack in the early hours of Thursday on the offices of Tokio Marine, AIG and Probitas, where activists armed with paint-filled fire extinguishers stained the doors of the insurers blood red. A new activist group, Shut the System, claimed responsibility for the action after its supporters fled the scene, according to a witness.

Elsewhere in Europe, there were protests and actions in France, Germany and Switzerland. And in the US, rallies took place in New York City, Houston, San Francisco, Portland and Denver

Frontline communities also mobilised, with actions in Uganda and Tanzania, which will be affected by the East African crude oil pipeline (Eacop), as well as Nigeria, Egypt and Kenya in Africa, as well as Bangladesh, the Philippines and Indonesia in south Asia, and Costa Rica, Columbia and Peru in Latin America.

Paul Parker, the recording clerk of Quakers in Britain, which joined actions in London, said: “Those who offer financial backing and social legitimacy to new fossil fuel projects now have an urgent moral responsibility to change course. This duty extends to all sectors and all parts of society.

Cover photo: Protesters link arms outside Lloyds of London on Wednesday. Photograph: Guy Bell/Rex/Shutterstock