The British insurance industry has been accused of profiting from violence and destruction, with major insurers significantly increasing their investments in the arms industry. According to new research released today by the campaign group Boycott Bloody Insurance, insurance firms active in the UK market have funnelled millions into companies involved in nuclear weapons, depleted uranium, and white phosphorus—particularly following the election of Donald Trump.
Earlier this month, the same researchers highlighted that British insurers have ramped up investments in firms supplying military equipment to Israel over the past year. The latest report, titled Ensuring Destruction – the Insurance Industry and Controversial Weapons, provides a detailed analysis of the extent to which insurers are financially supporting controversial weapons manufacturers.
Surge in Arms Investment
The research reveals that in December 2024 alone, major insurers channelled an additional $260 million towards arms manufacturers, representing a 13% increase in investment in just three months. Among those analysed, Aviva emerged as the largest investor in controversial weapons, increasing its stake to £1.36 billion. Other significant investors include Allianz, AXA, and Zurich, all of whom expanded their financial backing of these firms.
This surge in investment directly contradicts the insurers’ own ethical policies on responsible investment. In addition to financial backing, the report exposes that all major insurers also provide Employers’ Liability insurance to firms involved in controversial weapons manufacturing, effectively underwriting their operations and enabling their continued existence.
Financial Backing for Global Violence
Andrew Taylor from Boycott Bloody Insurance emphasised the crucial role that insurers play in sustaining the global arms trade. He stated:
“Insurance companies are a vital part of the global financial system. Their investments help drive the economy. Without the insurance they provide, other companies can’t operate. And yet these major household brands are providing money and underwriting services to companies whose core business is mass slaughter, mutilation of children, and machines of devastation.”
He criticised the hypocrisy of insurers claiming to uphold socially responsible investment policies while actively financing some of the most destructive companies in the world. With escalating global conflicts, insurers are strategically positioning themselves to benefit from increased warfare and chaos rather than promoting de-escalation.
Insurance Firms Complicit in Gaza Genocide
The findings build upon a previous report from earlier this year, Ensuring Genocide – the Insurance Industry and Israel’s War Machine, which documented the extensive financial involvement of British insurers in Israel’s ongoing war on Gaza. Insurers including Allianz, Aviva, AXA, Zurich, and RSA collectively invested over $1.7 billion in companies supplying military equipment to Israel since 7 October 2023. Furthermore, these insurers are profiting directly from the genocide by underwriting the arms manufacturers supplying weapons used to destroy Palestinian homes, hospitals, and schools.
Campaign researcher Monika Nielsen highlighted the moral implications for British consumers:
“Millions of people in the UK have been profoundly shocked by Israel’s genocide in Gaza. And they will be horrified to discover that the firms insuring their local councils, workplaces, places of worship or universities are the same companies funding and underwriting the production of the weapons Israel is using to blow up Palestinians’ homes, hospitals, schools and families.”
Call for Boycott
The campaign group Boycott Bloody Insurance is urging businesses and organisations to cease dealings with insurers that invest in or underwrite arms manufacturers. They argue that insurance companies do not need to support the arms trade and are calling for a mass boycott until these firms withdraw from financing controversial weapons and warfare.
As global tensions continue to rise, the role of financial institutions in perpetuating conflict is under increasing scrutiny. Consumers and organisations are being urged to demand greater transparency and ethical responsibility from insurers who claim to uphold socially responsible investment policies while profiting from war and destruction.
More Info:
- Palestine/Israel report available here: https://boycottbloodyinsurance.org/reports/
- The nine insurance companies assessed for the Controversial Weapons report were Allianz, AXA, Aviva, RSA/Intact, AIG, Zurich, Liberty Mutual, Chubb, Talanx
Company HQs:
Allianz: Germany
Talas: Germany
AXA: France
Zurich: Swiss
Chubb: Swiss/US
Aviva: UK
RSA:UK
AIG: USA
Liberty Mutual: US
Boycott Bloody Insurance Social Media:
Twitter: https://x.com/BoycottBloody
Instagram: https://www.instagram.com/boycottbloodyinsurance
About Boycott Bloody Insurance
Insurance props up deadly industries—weapons, fossil fuels, and detention.
But it is also key for change. Destructive companies rely on insurers, but insurers don’t need them. Together, we can force the industry to cut ties with harm.
Boycott Bloody Insurance is a cross-movement campaign calling for organisations to boycott the insurance companies underwriting weapons, detention centres, and fossil fuels, causing environmental destruction, human rights abuses, and genocide.https://boycottbloodyinsurance.org/
