Climate activists issue protest threat to hold insurers ‘accountable’ in 2025

Climate campaign group Insure Our Future has warned insurers that continued support for fossil fuel expansion will lead to protests in 2025.

Speaking to Insurance Times, Isabelle L’Héritier, European co-coordinator at Insure Our Future, alleged that some insurers’ actions were hindering progress toward reducing emissions and transitioning to renewable energy.

She warned that if they “refuse to stop supporting the expansion of fossil fuels”, the group will “hold them accountable”.

The warning follows the group’s annual scorecard, published in November 2023, revealing that fossil fuel insurance earned the industry around $21.25bn (£17.3bn) in 2022.

Meanwhile, global warming exceeded 1.5C across an entire year, breaching the Paris Agreement’s target.

L’Héritier criticised the industry’s “economically irresponsible and unjust” practice of underwriting fossil fuel expansion while communities “suffer” from escalating climate impacts.

“Insurers must not ignore the fundamental and consistent prediction of climate scientists – any delay in cutting emissions drastically today will put lives, economies and the future of humanity in unacceptable danger tomorrow,” she added.

“The renewable energy insurance market is still under 30% of the size of the fossil fuel insurance market in 2023.

“This imbalance threatens to become a bottleneck for investments in the climate transition.”

Responsibility 

The group also explained that insurance was essential to global markets and that insurers have the power and responsibility to lead the transition away from fossil fuels.

It added that fossil fuels was a relatively small portion of insurers’ business.

“We wish to highlight how this small part of their business is [hurting] the climate, communities, financial stability and insurers’ broader portfolios.

“The insurance industry must embrace its power and have the courage to lead the energy transition away from fossil fuels.”