Cambridge Insure Our Survival protest highlights how climate breakdown is insured

Protesters in Cambridge highlighted the role of what they call the “under-the-radar” insurance industry which is “a lynchpin of the fossil fuel industry”.

The event was one of a national ‘Insure Our Survival’ week of action that began in the City of London and led to theatrical events outside the Cambridge office of WTW, one of the world’s largest global insurance brokers.

The Cambridge action was organised by local groups including Extinction Rebellion and Little Blue Dot, a group of art-inspired climate justice activists.

The centrepiece of the protest was a theatrical demonstration involving “an Insurance Machine”, with participants in the action dressed in steam punk/business attire and taking the role of insurance insiders, explaining to the public the industry’s “disturbingly contradictory set of activities”.

These activities include “ insuring new fossil fuel projects and advising on climate risk, while at the same time raising prices on for instance on home insurance because of the increased incidence of flooding, hurricanes and forest fires”.

The allegation that the insurance industry is underwriting projects which exacerbate climate warming comes at a sensitive time for the insurance industry still reeling from the impact of flooding in the US, Asia, southern Brazil, central Europe and, most recently, in and around Valencia, Spain, where more than 200 people lost their lives in Europe's worst flood-related disaster since 1967.

According to the Intergovernmental Panel on Climate Change, extreme weather events causing highly impactful floods and droughts have become more likely and more severe due to anthropogenic climate change.

At the Cambridge event, WTW staff were handed leaflets from the nationwide XR action urging them to fight for an end to the insurance of fossil fuel projects from within their companies. Members of the public were asked to sign a letter from Cambridge XR to the CEO of WTW asking him to publicly declare that the company will not participate in new fossil fuel projects such as Rosebank and EACOP. Two European insurance companies, Generali and Zurich, have already responded to investor and activist pressure to curb fossil fuel backing.

Claire Preston of Little Blue Dot said: “The insurance business often goes under the radar but it’s a lynchpin in the fossil fuel industry.

“Without insurance, there would be no fossil fuel projects. But insurers have a lot of room for manoeuvre compared to, say, oil companies. They work in multiple sectors so could move out of fossil fuel business relatively easily. That’s why they are open to pressure and why Extinction Rebellion’s focus on insurance for a week of action makes so much sense.

“At the moment many organisations in the insurance industry are playing it fast and loose – making money from insuring new fossil fuel projects, while at the same time advising on climate risk and raising premiums in response to catastrophic storms and wildfires. It’s a disturbing, end-of-times business model.

“One place where it plays out is at WTW, among the world’s biggest global insurance brokers. WTW has an office in Cambridge, where I guess they recruit some of the brightest minds. I wonder if those people think about the hypocrisy of the business they are in? It’d be great if they could push from the inside just as we are from the outside so that WTW stops playing both sides in this catastrophe. That really would be a great use of a bright mind.”

A WTW spokesperson said: “WTW was a pioneer among global brokers to invest in climate analytics. Today, we are a leading advisor working with companies, financial institutions, governments and vulnerable communities to help them build their resilience to physical risks and transition to net zero. We have over 70 climate experts working in partnership with clients big and small and are proud of the work we are doing to address this critical risk together.”