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Prince Charles, Lloyd's Launch Sustainability Insurance Task Force

Executives from AIG, Aon, Marsh McLennan, Munich Re, and many of the world's largest insurance and reinsurance companies will serve on a new sustainability task force for insurance established today by His Royal Highness, The Prince of Wales and chaired by Lloyd's of London.

The goal of the The Sustainable Markets Initiative (SMI) Insurance Task Force is to provide an influential platform for insurance to collectively advance the world’s progress toward a resilient, net-zero economy. The task force's Statement of Intent is committed to providing climate positive financing and risk management solutions to support and encourage individuals and businesses around the world to accelerate their transition to a sustainable future.

Key initiatives include:

  1. Driving insurance product and services innovation to empower commercial customers to develop, invest in and scale their sustainability initiatives, supporting green innovation across multiple sectors and geographies. As part of this initiative, the Task Force will launch at least two new insurance products to protect priority industries, such as nuclear energy, hydrogen and offshore wind, against an evolving risk landscape, in order to enable their accelerated growth.
  2. Implementing sustainable processes across the insurance supply chain to encourage individuals to take positive actions to live more sustainably. This will include launching an industry-wide framework to drive sustainable outcomes for customers -- for example, through introducing “build back better” claims clauses in home insurance policies to encourage customers to rebuild damaged properties with more sustainable materials in support of a net-zero transition.
  3. Establishing a public-private disaster resilience, response, and recovery framework to help protect developing nations from the evolving economic and societal impacts of climate change, including the effects of increasingly frequent and severe weather events. The framework will leverage the insurance industry’s unique ability to combine an insurance product with risk management and loss recovery services, in order to increase preparedness for and limit the impacts of these events. Once developed, this solution will be rolled out across vulnerable countries to support better disaster response and recovery, with a pilot being initiated in 2021.
  4. Developing a framework for accelerating and scaling sustainable investment to help unlock the global industry's more than $30 trillion in assets under management, increasingly directing capital toward investments that drive climate-positive outcomes in both developed and developing nations. As part of this initiative, an investment proposal will be developed through collaboration between public and private sectors, with a particular focus on renewable energy and climate transition assets to enable the transition towards a low-carbon economy.

SMI Insurance Task Force Membership:

  • AIG: Peter Zaffino, President and CEO
  • Allianz: Oliver Bäte, CEO
  • Amwins: Scott Purviance, CEO
  • Aon: Greg Case, CEO
  • Ascot: Andrew Brooks, CEO
  • AXA: Sean McGovern, CEO AXA XL
  • Beazley: Adrian Cox, CEO
  • Conduit Re: Neil Eckert, CEO
  • Direct Line Group: Penny James, CEO
  • Hiscox: Bronek Masojada, CEO
  • Howden Group: David Howden, CEO
  • Legal & General: Nigel Wilson, CEO
  • Lloyd’s: John Neal, CEO
  • Marsh McLennan: Dan Glaser, President and CEO
  • Munich Re: Joachim Wenning, CEO
  • Phoenix: Andy Briggs, Group CEO
  • Tokio Marine Kiln: Brad Irick, CEO

“The insurance industry is exceptionally well placed to understand the impact of climate change and the damage it can cause to us all if we don’t take action now. This is why I am so pleased that a large number of the world’s leading insurance companies have joined together to identify how the insurance industry can help put nature, people, and the planet at the heart of our entire economy," says HRH, the Prince of Wales.

“As the world begins to recover from a pandemic that has caused significant and far-reaching financial and societal challenges, it does so with an opportunity to build back with sustainability as a foundation and guiding principle," said Lloyd’s Chairman Bruce Carnegie-Brown. "Although climate change poses unprecedented systemic risk, it is one which – through partnership and accelerated action – we have the means to address. As a task force, we are making a resolute commitment to be a catalyst for action to help create a more sustainable future through the risks we manage and the capital we invest."

 

 

 


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