This report exposes a stark and unsettling reality: some of the world’s largest insurance companies are deeply complicit in the financing and facilitation of controversial weapons: nuclear weapons, white phosphorus and depleted uranium. 

While some insurers – including Aviva, Allianz, AXA, Zurich, and Intact (RSA) – are confirmed to invest in ‘defence’ contractors, a broader group provides the essential insurance coverage that enables these firms to operate in the UK. This underwriting group includes AIG, Zurich, Aviva, RSA (now Intact), Chubb, Talanx, and Liberty Mutual.

Key findings reveal Aviva alone has invested over $1.3 billion in controversial weapons companies, while Allianz, AXA, Zurich and Intact (RSA) collectively hold $828 million in such investments.

Beyond financial backing, these insurers play an even more direct role by underwriting the companies involved in controversial weapons. Without this coverage, many of the world’s largest arms companies – including Boeing, Lockheed Martin, and General Dynamics – would struggle to function. 

Controversial weapons featured in the report are also linked to Israel’s ongoing genocidal project, highlighting insurers’ investments in companies like BAE Systems, whose howitzers were used to fire white phosphorus shells into densely populated areas of Gaza and in Lebanon.