Ensuring Climate Crisis

The insurance industry and fossil fuel giants

This report details the complicity of insurance giants in enabling the expansion of fossil fuel companies’ operations, contributing to environmental degradation, and profiting from war and colonialism.

While many of these insurers publicly promote green credentials, the findings reveal that they continue to underwrite and profit from the industries driving environmental destruction and social injustice.

This report profiles twenty fossil fuel companies and examines their connections with insurers. While insurers underwrite all areas of fossil fuel operations in practice, our investigation specifically focuses on their provision of Employers’ Liability cover – a crucial enabler for these climate-wrecking businesses. The report also reveals how insurers compound this support by investing billions annually in the fossil fuel industry.

Investments of five insurers are analysed: Allianz, AXA, Aviva, Zurich and Intact (RSA). As of February 2025, these insurers between them invest $6.5 billion in 115 companies composed of fossil fuel giants and of holders of largest carbon reserves in the world. Aviva is the largest insurance investor in fossil fuels, with over $3.7 billion of investments.

Boycott Insurances

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Boycott Bloody Insurance

Cut off insurance to genocide in Gaza, fossil fuels & border detention.