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Jul 30, 2021

Lloyd's launches call for global insurance industry action to achieve a more sustainable world

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In a Press Release issued yesterday available here Lloyd's has issued a report that includes both a roadmap with practical steps that will help accelerate the transition of multiple industries to net zero carbon and also highlights how the global insurance industry's $30trn of capital can be put to work to support the transition to a low carbon economy.

In the report "Insuring a sustainable, greener future" new financial and insurance solutions are called for and planned for 2021, such as closing the protection gaps in emerging economies which are very often more exposed to the effects of climate change and simultaneously suffer from lack of natural catastrophe (re)insurance cover, the de-risking of critical decarbonisation activities, and acting as a facilitator to catalyse action across the industry, customers, government, and other key stakeholders.

The report is available here.

Many of the actions set out in the roadmap will be delivered during 2021 through the Lloyd’s-chaired Sustainable Markets Initiative (SMI) Insurance Task Force (ITF) which The Prince of Wales launched last month at Lloyd's - see the website here and the The Prince of Wales's own website here

Photo by NASA on Unsplash