What's Happening?
Extinction Rebellion (XR) has announced a new climate protest campaign targeting insurers Axa and AIG, accusing them of underwriting fossil fuel projects and arms trading. The campaign, named 'Insure Our Survival,' is scheduled to take place from September 8 to 22, 2025, with major demonstrations planned in London and other locations worldwide. XR aims to highlight the insurance sector's role in supporting high-carbon and defense projects, urging these companies to cease such underwriting practices. The group argues that these activities constitute a small portion of the insurers' portfolios and can be eliminated without significant financial impact.
Why It's Important?
This campaign underscores the growing pressure on the insurance industry to align its practices with global climate goals. By targeting major insurers, XR seeks to draw attention to the environmental impact of fossil fuel and arms underwriting. The protests could influence public perception and shareholder actions, potentially leading to policy changes within the industry. As climate concerns continue to rise, insurers may face increased scrutiny and demands for transparency and accountability, affecting their business strategies and market positioning.
What's Next?
The upcoming protests are part of XR's broader global pressure campaign, which aims to continue until insurers commit to stopping fossil fuel and arms underwriting. The campaign may prompt insurers to reassess their portfolios and consider adopting more sustainable practices. Stakeholders, including environmental groups and investors, are likely to monitor the industry's response closely, potentially influencing future regulatory measures and corporate policies.
