Lloyd’s has outlined plans for how the insurance industry will partner with critical industries to support and accelerate the transition to a low carbon economy, including the launch of new products for electric vehicles.

Alongside the launch of a new report - Insuring a sustainable, greener future - Lloyd’s has set out a climate action roadmap which includes a number of steps that it hopes will help accelerate the transition of multiple industries to net zero carbon. It says that many of the proposed actions will be delivered rapidly this year, and through the Lloyd’s-chaired Sustainable Markets Initiative (SMI) insurance task force launched last month.

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

The report also details the steps Lloyd’s is taking now as well as its future plans 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 action across the industry, customers, government, and other key stakeholders.

Bruce Carnegie Brown, chair of Lloyd’s and the SMI insurance task force, 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.”

To help accelerate the pace of change, Lloyd’s says 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 says 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.

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