Climate group sock it to insurance CEOs in Christmas campaign

Environmental campaigners were outside Lloyd’s yesterday handing out gifts to the markets Chairman and also its CEO.

Climate action group, Mothers Rise Up, were out in London Munich and New York to deliver cards and presents to some of the insurance industry’s biggest names.

The Christmas campaign was designed to highlight which of the world’s biggest insurance companies will find out if they have been naughty or nice this year when they receive specially selected gifts from the group

Mothers Rise Up revealed the CEOs of Lloyd’s of London, and US insurers STARR, Liberty Mutual, Chubb, Travelers, and AIG are on this year’s naughty list and will receive Christmas socks featuring their face and a message to ‘Pull Your Socks Up.’

“These companies continue to insure some of the most damaging fossil fuel projects including coal, tar sands and Arctic energy and have refused to rule out insuring new projects such as the proposed East African Crude Oil Pipeline,” said a spokesperson.

Mums and children decided to hand deliver a Christmas hamper and stocking full of fake coal to the Lloyd’s Chairman. The hamper included a cricket ball which opened to reveal mini protesting cricketers and parents chanting “We’ve got the balls to take climate action Bruce – have you?”

The group said the delivery had been arrange because Lloyd’s, the oldest and most influential insurance market in the world, has still not ruled out insuring the Cumbrian coal mine and Lloyd’s syndicates are insuring fossil fuel expansion in the North Sea.

However on the flip side the CEOs of European insurers Allianz, Munich Re, Hannover Re and Swiss Re have been deemed to be on the nice list and will receive Christmas socks sporting the message “Insuring our future!”

“These companies have taken important first steps to restrict support for new fossil fuel projects and have ended cover for the dirtiest projects,” the spokesperson added.

Maya Mailer, from Mothers Rise Up said: “It’s all too clear who has been naughty and who has been nice this year. Insurers such as Munich Re and Swiss Re are starting to pull their support from new fossil fuel projects. Yet others, such as Lloyd’s, Starr and AIG, are continuing with business as usual regardless of the impact on communities around the globe and our children’s future.”

The group said the East African Crude Oil pipeline will displace communities, devastate wildlife and enable the extraction of oil that will generate over 34 million tonnes of CO2 emissions a year. Emissions from the Cumbrian mine, which was given the go ahead this week will produce an estimated 400,000 tonnes of emissions a year – equivalent to putting 200,000 cars on the road.

“Without insurance these projects could not go ahead. The International Energy Agency has warned there can be no new fossil fuel expansion if we are to keep global temperatures from rising above 1.5C,” the group added.

Chryso Chellun, from Mothers Rise Up concluded: “We have a serious message wrapped up with some festive fun. We need to keep all remaining fossil fuel reserves in the ground if we are to avoid a climate catastrophe. Insurance bosses such as Bruce Carnergie-Brown and John Neal at Lloyd’s know what they need to do: rule out insuring all new fossil fuel projects including the Cumbria coal mine and North Sea oil and gas fields and develop a plan to quickly phase down support for existing oil and gas.”

The event came a day after protestors picketed the Lloyd’s building after climate groups said they had received a tip-off that Lloyd’s syndicate Probitas1492 is providing insurance for the Adani Carmichael’s thermal coal project rail line, haulage operation and port.

Activists from Coal Action Network and Money Rebellion held a rally outside Probitas1492 London head office, in what they claim will be an ongoing campaign to convince the Lloyd’s syndicate to rule out renewing insurance for the project in 2023.

Lucy Porter from Money Rebellion said “The news that one of the biggest carbon bombs on the planet is still being insured through Lloyd’s of London is shocking.

“Probitas1492 must immediately commit to not renew their insurance of Adani. Lloyd’s need to get real about climate breakdown, take real action and stop squeezing every last bit of profit they can from fossil fuels.”

Set to be the biggest coal mine in Australia, Carmichael climate activists say the facility would produce enough coal over its lifetime to emit 4.6 billion tonnes of CO2 emissions, equivalent to over ten years of the UK’s annual greenhouse gas emissions.

A Lloyd’s syndicate Probitas1492 was named as the insurer in an industry tip off provided to The #StopAdani campaign in Australia. Due to the nature of the coverage written at Lloyd’s, more than one syndicate may be involved.

Pablo Brait, Campaigner, at Market Forces in Australia said: “The Carmichael coal mine is one of the most controversial projects in Australia’s history. It is being contested by Traditional Owners who have not given their consent. It will drain the region of billions of litres of water per year, putting agriculture at risk.

“This disastrous coal mine is increasing industrialisation in the already distressed Great Barrier Reef World Heritage Area, and it will fuel worsening floods, heatwaves and bushfires.”

Isobel Tarr from Coal Action Network (UK) added: “The news that Carmichael is being insured at Lloyd’s will result in immense pressure from the global movement to stop Adani being brought to bear on Probitas1492 and the Lloyd’s marketplace as a whole. The managing agents who have stayed silent when asked about their involvement need to publicly rule out this project now. Any company associated with this climate-wrecking project faces massive reputational risks including being the target of the immense public opposition.”

Mothers Rise Up revealed the CEOs of Lloyd’s of London, and US insurers STARR, Liberty Mutual, Chubb, Travelers, and AIG are on this year’s naughty list and will receive Christmas socks featuring their face and a message to ‘Pull Your Socks Up.’