Just 13% of students say they'll ever consider a career in insurance. Protests like this will 'send shivers through the insurance sector'.

Protest at office of insurance company Swiss Re Banners say: Don't Insure Coral Triangle Oil & Gas No New Workers For Fossil Fuel Insurers

Activists occupied the Gherkin’s foyer in protest against insurance company Swiss Re’s refusal to rule out liquefied natural gas projects in the Coral Triangle on international Coral Triangle Day.

Protesters chanted: “Protect our oceans, protect our future!” and “Swiss Re, you can’t hide, don’t insure this ecocide!” The Coral Triangle spans much of South East Asia, including Indonesia, Malaysia, Papua New Guinea, the Philippines, the Solomon Islands and Timor-Leste.

When the protesters tried to deliver a letter to Swiss Re, they were refused. Security guards man-handled young people and dragged a scientist participating in the protest to the revolving door, where he lay between the panels blocking the entrance. City of London Police attended but made no arrests.

Protect the Coral Triangle

Lily, 17, a student from Generation 1.5, said:

We are demanding Swiss Re rules out the insuring of new oil and gas projects in the Coral Triangle. Our futures depend on scaling down fossil fuels, not more expansion, and biodiverse regions like the Coral Triangle have to be protected.

Insurers have the power to stop extractive and destructive projects like this by withdrawing support, but they need to be willing to act.

The protest follows an open letter from over 70 organisations, calling on insurance companies to:

  • Rule out insuring gas expansion into the Coral Triangle.
  • Exclude fossil gas projects in high-biodiversity and protected areas.
  • Stop insuring fossil gas expansion globally.
  • Support a just and secure energy transition.
  • Respect human rights and Indigenous sovereignty as a condition of insurance coverage.

The Coral Triangle is home to 76% of the world’s coral species, critical tuna spawning grounds and vast mangrove carbon sinks. It supports over 360 million people’s livelihoods. Fossil fuel expansion there would increase threats of oil spills and pollution.

This could devastate critical coral reef ecosystems that are essential for global food security, water security and geopolitical stability, according to the UK government’s report on ecosystems collapse and national security threats.

Shana Sullivan, a PhD student and spokesperson for the student protest group No New Workers, added:

As students we pledge to boycott careers in any such insurance or financial companies that prop up the fossil fuel or arms industries, while calling on our peers to do the same, building pressure on the insurance sector to withdraw their support for extractive, ecocidal and imperialist projects wiping out communities and accelerating climate breakdown.

Insurance sector is worried

Already the insurance sector is showing alarm at student opposition to destructive underwriting practices. Just 13% of students say they’ll ever consider a career in insurance, a historic low. Student protests will “send shivers through the insurance sector”, according to Emerging Risks trade commentary.

No New Workers is a youth-led grassroots campaign targeting the industries enabling new fossil fuels and weapons of war. Students, graduates and young people are promising no new workers for these industries until they divest from ecocide and genocide.

Generation 1.5 is a youth climate justice action group. It aims to build a community of young people willing to organise and take action to make our voices and the ones of marginalised and oppressed groups heard, and to educate about the root causes and injustices surrounding the climate crisis.

Featured image supplied

By The Canary

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