operations in order to play its part in reaching net zero emissions by 2050. According to experts, if the industry does not act quickly, it may be forced to take more drastic measures in the coming decades, which would have a profound impact on insurers and their customers. “We’re just one industry among many, but we all need to play our part to protect the planet for what I think is an extraordinary systemic risk,” Bruce Carnegie-Brown, chairman of insurance market Lloyd’s of London, said.
He noted that while several individual companies have already begun adjusting its operations in order to make them more climate-friendly, however, this has not been coordinated across the industry. Accordingly, chief executives from the largest insurers in the United Kingdom have decided to join forces with the Prince of Wales in launching a sector-wide taskforce whose objective is to tackle the climate crisis.
The group, known as the Sustainable Market Initiative Insurance Taskforce, comprises of CEOs from 17 insurance firms, including Allianz, Legal & General, Hiscox and Axa. They have pledged to support the global transition to a sustainable future by expanding their insurance coverage for projects on renewable energy and to partner with governments to provide better covers on disaster protection, particularly in countries which face serious risks of climate change.
“Climate change is already having an impact – you see this in…
