Lloyd’s outlines six point plan to target climate-related emerging risks

In a major statement of intent, Lloyd’s has set out a climate action roadmap which includes a number of steps that it says will help accelerate the transition of multiple industries to net zero carbon.

The six practical proposals are contained in a major new report, Insuring a sustainable, greener future, released today.

Lloyd’s said that many of the actions set out in the roadmap will be delivered at pace in 2021, and through the Lloyd’s-chaired Sustainable Markets Initiative (SMI) Insurance Task Force launched last month.

The actions include the development of new risk transfer solutions to provide critical, enabling support for green innovation and renewable energy investment and expansion, together with a public-private disaster resilience, response and recovery framework, which it is hoped will help protect developing nations from the evolving economic and societal impacts of climate change.

The report details the steps Lloyd’s is taking now, and will take in the future, across the key themes of greener industry, transport, and energy.

These include working towards de-risking critical decarbonisation activities, closing protection gaps and acting as a facilitator to catalyse action across the industry, customers, government, and other key stakeholders.

To help accelerate the pace of change, Lloyd’s said it will work with critical industries to improve the knowledge around risk landscapes and help the insurance industry adapt to meet changing customer needs, as the world transitions to a sustainable future.

As part of this work, Lloyd’s said it is committed to expanding coverage to support the growth of the greener energy sector and will facilitate the development of new insurance products for electric vehicles.

Actions to be delivered by Lloyd’s:

  • Conduct targeted research to understand the risk profile of new construction materials and techniques, exploring the insurance implications and opportunities for new or evolved risk solutions.
  • Facilitate a product design sprint to develop an innovative EV insurance product from ideation through to commercial viability to address emerging protection gaps.
  • Provide a platform for dialogue between the insurance industry and customers operating in the marine sector to develop insurance coverage for emerging risks.
  • Commit to expanding coverage to ensure capacity constraints do not limit the growth of the offshore wind industry.
  • Provide a platform for co-ordinated action between the insurance industry, civil nuclear sector and government to meet the additional nuclear liability required by regulations.
  • Lead research into hydrogen risks to identify where specialist coverage is needed across the value chain.

Commenting on the initiative, chair of Lloyd’s and the SMI Insurance Task Force, Bruce Carnegie Brown, said:

“There is an ever-more pressing need for a coordinated global effort across industries to effect the monumental transformation needed to address the climate challenge. Lloyd’s is proud to play a role, together with the global insurance industry, in partnering with sectors to provide the risk management solutions and investment that will help enable and accelerate the necessary changes and drive action towards a more sustainable world.”

The actions include the development of new risk transfer solutions to provide critical, enabling support for green innovation and renewable energy investment and expansion, together with a public-private disaster resilience, response and recovery framework, which it is hoped will help protect developing nations from the evolving economic and societal impacts of climate change.

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