Prince Charles launches climate change insurance task force
Posted On: Jun. 24, 2021 10:10 AM CST
Britain’s Prince Charles has launched an insurance task force aimed at driving action on climate change, chaired by Lloyd’s of London and comprised of industry heavyweights, including CEOs from American International Group Inc., Aon PLC, Marsh & McLennan Cos. Inc. and Munich Re.
The Sustainable Markets Initiative insurance task force aims to advance the world’s progress towards a resilient, net-zero economy, Lloyd’s said Thursday in a statement announcing the initiative.
Its statement of intent includes a commitment to provide climate-positive financing and risk management to help businesses and individuals accelerate their transition to a sustainable future.
As part of this initiative, the task force will launch at least two new insurance coverages for priority industries, such as nuclear energy, hydrogen and offshore wind to accelerate their growth.
The task force will also work with governments to establish a public-private disaster resilience, response and recovery framework to help protect developing nations from the evolving economic and societal impacts of climate change, according to the statement.
A framework to help unlock the insurance industry’s more than $30 trillion in assets under management will also be developed to direct capital toward investments that drive climate-positive outcomes.
“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,” Prince Charles said in the statement.