CLIMATE activists vowed to step up action against insurance firms today after protests successfully prompted a major insurance firm to announce it will no longer insure new oil and gas projects.

Extinction Rebellion and Insure Our Future staged a wave of protests in March and occupied insurance firms across the City of London, demanding that the companies immediately stop insuring the fossil fuel industry.

Among the firms targeted was Zurich, the sixth-largest insurer of fossil fuels. 

The company succumbed to pressure and announced on Monday that it will no longer underwrite new oil and gas projects, and will crack down on clients planning to expand in coalmining.

Activists will attend Zurich’s AGM to keep the pressure on shareholders.

Extinction Rebellion spokesperson Jamie Anderson said the move was a “big win” and a “clear signal” that sustained direct action protests work.

He said: “It’s a very significant step toward a world in which fossil fuel crooks will have to stop drilling for oil, gas and coal because without insurance their planet-wrecking operations are too financially risky.”

XR said that by insuring oil and gas companies the firms make extreme weather more likely.

”Then they double-cross us all by charging more to insure our homes — against flooding and fires,” Mr Anderson said.

“To stop that happening in future, we will be staging direct action interventions to pile the pressure on general insurers who continue to enable oil, gas and coal projects and infrastructure.”

According to Insure Our Future, 18 insurers with a market share of 20 per cent in primary insurance and 47 per cent in reinsurance have now adopted oil and gas restrictions after activist campaigns.