Grade: Considerable Exposure to Destructive Companies
Hiscox is an international specialist insurer with a strong heritage dating back to 1900, originating as a Lloyd’s of London underwriter. Headquartered in Bermuda and listed on the London Stock Exchange, the company operates across various geographies including the UK, USA, Europe, and Asia, employing over 3,000 staff in numerous offices.
Hiscox faced significant reputational damage due to its handling of business interruption claims during the COVID-19 pandemic. Initially, the insurer resisted payouts, leading to a high-profile Supreme Court case that ultimately compelled them to honour claims they had previously denied. This drawn-out process caused considerable distress and financial hardship for many small businesses, prompting accusations of a reluctance to honour policy agreements and raising serious questions about the clarity of Hiscox’s policy wordings.
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HQ
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Market Value
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Investments Managed
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Turnover
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Insurance Products
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|---|---|---|---|---|
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UK
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$4.5 billion
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$1.8 billion
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$8 billion
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Business - Home
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Insurance
$
170
million
Fossil Fuel Gross Direct Premiums Written (GDPW) represent the size of Hiscox’s business with fossil fuel clients in 2023.
Insured by Hiscox
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Climate Crisis
Kinetic Development Group is a Chinese company principally engaged in coal extraction, processing, and sales, with its main operations centred on the Dafanpu Coal Mine in Inner Mongolia.
The company has expanded its activities to include coal washing, loading, transportation, and trading, as well as diversification into agriculture, animal husbandry, property, tobacco, and even e-vapor products.
CASE STUDY: Vhembe Biosphere Reserve
- South Africa
- Owned by Kinetic Development Group
In 2024, Kinetic acquired a controlling stake in MC Mining, a South African coal miner, with plans to exploit the Greater Soutpansberg Coalfield—a decision that has triggered fierce opposition from local communities, environmentalists, and other stakeholders. Despite ongoing legal challenges and a pending appeal against its environmental authorisation, Kinetic’s subsidiary, MC Mining, has already commenced large-scale mining activities within the UNESCO-designated Vhembe Biosphere Reserve, one of South Africa’s last great wilderness areas. These actions constitute clear violations of South African environmental law, and have led to the destruction of pristine bushveld and the clearance of protected vegetation, including centuries-old baobab trees.
The destruction of ancient Baobabs and other protected trees across the wild Vhembe landscape speaks to the tragedy that is unfolding. The loss and damage that [it] will cause to people, wildlife and our rich natural capital endowment is incalculable.
Environmentalists and civil society groups have accused Kinetic of seeking to transfer China’s excess steel capacity and industrial pollution to South Africa, undermining the country’s climate commitments and biodiversity conservation efforts. The project threatens not only the region’s unique biodiversity but also its water resources and agricultural land.
Insured by Hiscox
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Migrant Abuse
Made Tech, a UK-based digital and technology consultancy, publicly positions itself as a champion for positive societal impact, claiming to “positively impact the future of society by improving public services technology”. However, this rhetoric masks a far more troubling reality: Made Tech is a central enabler of the Ministry of Justice’s electronic monitoring regime, a system that disproportionately targets and controls marginalised groups, including refugees and asylum seekers. Through multi-million-pound government contracts, Made Tech is responsible for developing and maintaining the digital infrastructure that powers intrusive surveillance—transforming individuals into data points to be tracked, analysed, and controlled.
While Made Tech does not manufacture or fit physical monitoring devices, its role is pivotal: the company builds and manages the software, data products, and technical assurance systems that allow the state to monitor individuals’ movements and behaviours with unprecedented precision. This digital backbone makes it possible for authorities to enforce restrictive conditions on refugees, who are already subject to draconian immigration policies, by subjecting them to relentless surveillance. The psychological toll of living under such scrutiny is profound, fostering anxiety, isolation, and a pervasive sense of being watched.
Beyond traditional ankle tags, Made Tech is involved in “non-fitted device” monitoring, which imposes regular biometric checks—such as fingerprint scans—on refugees, creating an environment of constant uncertainty and control. These measures are not only intrusive but also inflict psychological violence, fostering anxiety and isolation among those already marginalised by restrictive immigration policies.