Ooh! Art displays against insurers

Starting Monday, Extinction Rebellion, the British-based group that brought us green-dyed canals in Venice, occupied the British parliament, and blocked roads across Europe, has announced that it will turn its attention to global insurers for a full week.

The campaign is an attempt by the group to attack what it sees as a softer target than the fossil fuel industry. A report last year calculated that carriers had over half a trillion dollars in investments that could be classified as fossil fuel-related.

Extinction Rebellion's initiative, starting on February 26, seeks to confront the insurance industry's involvement in fossil fuel projects, including insuring them. The campaign demands a halt to the insurance of fossil fuel operations, with a warning of targeted protests against companies that persist in such practices.

The annual Insure Our Future campaign, which includes 24 non-governmental organisations, evaluates 30 leading insurers' fossil fuel engagements, recently released a report on the industry.

Findings from the 2023 assessment reveal that insurers within the Lloyd's of London market are among the largest underwriters of fossil fuel projects, with annual premiums estimated to be between €1.5 and €2 billion. The industry acknowledges the complexity of insuring infrastructure critical to the global economy, including oil rigs and pipelines, while also recognising the challenges of climate change.

Insurance companies are described as having a unique influence over the fossil fuel sector, with the potential to drive change by reassessing their involvement in high-carbon projects.

An Extinction Rebellion spokesperson described insurance companies as the “Achilles heel of the fossil fuel industry” and the “people who could stop the fossil fuel crooks in their tracks overnight if they wanted to.”

Throughout the campaign, Extinction Rebellion plans to engage in various activities such as street performances and speeches, art demonstrations, and People’s Assemblies - where “anybody who wants to can have their voice heard on how we tackle the climate and ecological crisis.”

Are these your clients? The 10 largest fossil fuel companies in the world

1. Saudi Aramco (Saudi Arabia) – With a market cap of approximately US$1,979 billion, Saudi Aramco stands as the largest oil and gas company globally.
2. ExxonMobil (US) – Valued at US$257.30 billion, it is one of the largest companies in the energy sector and a direct descendant of Standard Oil.
3. Chevron (US) – Another descendant of Standard Oil, Chevron has a market cap of US$205.29 billion.
4. Shell (Netherlands) – With a market cap of US$175.28 billion, Shell is among the top energy companies with a significant presence worldwide.
5. PetroChina (China) – This company has a valuation of US$162.55 billion, marking it as a major player in the global energy market.
6. TotalEnergies (France) – With a market cap of US$130.56 billion, TotalEnergies has a diverse energy portfolio including oil, gas, and renewables.
7. Gazprom (Russia) – Valued at US$121.77 billion, Gazprom is a global energy company known for its significant natural gas reserves.
8. ConocoPhillips (US) – This American multinational has a market cap of US$95.93 billion.
9. BP (UK) – With a valuation of US$93.97 billion, BP is a key player in the global oil and gas industry.
10. Rosneft (Russia) – Rosneft, with a market cap of US$84.07 billion, is a major player in the Russian oil sector and globally.

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