A new report has highlighted how several major global insurers are allegedly financially supporting the fossil fuel industry through both investments and underwriting, raising questions about the sector’s role in the climate crisis.
Published by the Boycott Bloody Insurance campaign, the report, titled Ensuring Climate Crisis: The Insurance Industry and Fossil Fuel Giants, focuses on five companies: Allianz, AXA, Aviva, Zurich, and Intact. Collectively, these insurers are reported to have $6.5 billion invested in fossil fuel-related businesses.
The report argues that insurers play a central role in enabling fossil fuel expansion by underwriting activities across the sector, including extraction, transportation, construction, and infrastructure. At the same time, they are continuing to invest in companies driving global emissions.
According to the data, Aviva holds the largest share of fossil fuel investments among the five, with $3.7 billion in 115 companies. Allianz and AXA are also noted for backing firms responsible for a substantial proportion of global emissions since 1988.
Campaign representatives say this financial involvement stands in contrast to insurers’ stated commitments to climate resilience and risk reduction. Andrew Taylor of Boycott Bloody Insurance said Aviva’s reported dual role - insuring fossil fuel companies while investing in major oil producers such as BP and Chevron - demonstrates the need for greater transparency and regulatory oversight.
Meanwhile, researcher Monika Nielsen added that the industry’s approach risks undermining its core function as a provider of protection against catastrophic loss, particularly in the context of climate-related disasters. She said insurers are scaling back coverage in climate-vulnerable regions while continuing to support the industries contributing to those risks.
The report includes a case study of BP, which it says is insured by AIG and backed by more than £690 million in investments from Aviva, Allianz, and AXA as of February 2025. Despite public pledges to reduce emissions, BP has recently increased spending on oil and gas projects and reduced its renewable energy targets, it was claimed.
The report also points to a broader lack of transparency within the insurance sector around climate risk disclosures. It argues that the absence of clear reporting makes it difficult for policyholders, regulators, and other stakeholders to fully assess the environmental and social impacts of insurers’ financial decisions.
Boycott Bloody Insurance says the report is part of a broader campaign to encourage coordinated action against insurers it sees as supporting fossil fuel expansion. It follows earlier initiatives targeting insurers’ links to controversial sectors, including arms manufacturing and geopolitical conflicts.
