Activists Rally outside Insurance Giants, Denouncing Fossil Fuel Investments

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Environmental activists rallied globally from February 26 to March 3, 2024, to protest insurance companies’ support of the fossil fuel industry, according to reports by Common Dreams and Inside Climate News. The movement was organized by Insure Our Future, a coalition whose mission is to promote a healthy transition to clean energy and hold insurance companies that still support fossil fuel projects accountable.

One of the biggest protests took place in New York City at the headquarters of three key companies: Chubb, Tokio Marine, and AIG. According to Common Dreams, “The protest came days after a report from Insure Our Future, Rainforest Action Network, and Public Citizen revealed that at least 35 insurers are underwriting controversial liquefied natural gas (LNG) export infrastructure along the U.S. Gulf Coast.” Activists noted that LNG sites have negatively impacted the health of their communities and also pose threats to tribal lands.

The Colorado Times Recorder reported on protests coordinated by Insure Our Future in cities in Colorado, while Connecticut Public Radio and Between the Lines reported on protests targeting Travelers and The Hartford insurance companies because of their rankings on the Insure Our Future scorecard.

Both Insure Our Future and the Center for International Environmental Law (CIEL) were interviewed for a KPFA segment discussing California’s climate and insurance crisis. According to a Consumer Watchdog report, “Insure Our Future reported that 12 California insurance companies that have announced coverage restrictions in the state made an estimated $3.6 billion by insuring fossil fuel infrastructure.”

As of June 2024, coverage of this issue was limited to a Wall Street Journal article discussing how insurance companies were facing pressure from regulators, legislators, and activists. Although the climate change crisis has dominated media circuits and made headlines, corporate media have failed to cover organized efforts to hold the insurance industry accountable for its role or to address the long-term effects of fossil fuel insurance policies on the public. Inside Climate News’s article briefly mentions the Biden administration pausing liquefied natural gas export terminals, which did get some coverage from the Washington Post last year, when environmentalists called on the administration to block exports, noting that the project could be “a ‘megabomb’ for the climate.”

Keerti Gopal, “‘Insure Our Future:’ A Global Movement Says the Insurance Industry Could Be the Key to Ending Fossil Fuels,” Inside Climate News, March 8, 2024.

Olivia Rosane, “Activists to Insurance Giants: ‘End Your Support for Oil and Gas Now’,” Common Dreams, February 28, 2024.

Student Researcher: Christopher Walker (Diablo Valley College)

Faculty Evaluator: Nolan Higdon and Mickey Huff (Diablo Valley College)