Lloyd’s, the London-based marketplace for insurance and reinsurance, has launched a consultation on its roadmap towards net zero goal.
Lloyd’s of London started consultations on the proposed approach for the net zero strategies to be implemented in the next three years across all areas of sustainability for the insurtech market, including underwriting, investments, exposure management and capital and reserving.
The firm has designed a roadmap for ensuring the transition. It aims to support market participants in embedding their own sustainability strategies while navigating evolving regulatory reporting requirements.
Lloyd’s plans to provide greater clarity to all stakeholders on how the company will support customers in a volatile macro-environment while maintaining decarbonisation and transition progress to achieve net zero.
The prepared document features short-term actionable steps, planned oversight processes, regulatory expectations on climate-related risk management, and transition planning. The consultation also contains useful resources on managing the transition risk in managing agents’ investment portfolios.
The details provided in the consultation can be utilised by brokers in their communication with clients or by managing agents while formulating their own personalised transition plans.
The consultation was jointly designed with managing agents, brokers, and insurance associations. It will be open for two months starting 23 November 2023 and ending 31 January 2024.
The ultimate net zero transition plan will be developed in response to consultation feedback, but also in line with government policy and regulatory requirements.
“Our aim is to give our market participants greater confidence in setting, embedding and operationalising their own individual climate strategies, through the transition and beyond,” said Lloyd’s CEO, John Neal.
You might be also interested in: Transition Finance: Challenges and Solutions.
