Lloyd’s and Moody’s to develop emissions measurement process for managing agents

Lloyd’s is collaborating with Moody’s Analytics to develop a solution that will help to quantify greenhouse gas emissions across managing agents’ underwriting and investment portfolios. Lloyd’s said the solution will aid managing agents in meeting expected regulatory reporting requirements. Lloyd’s said the solution will be targeted at accurately assessing scope 3 emissions defined by the Greenhouse Gas Protocol’s 15th category, relating to underwriting and investments. “By using the Principles for Carbon Accounting Financials standards as the starting point for measurement, this framework will help to guide clear carbon disclosures for the Lloyd’s market that will align reporting to an industry standard,” said Lloyd’s. Rebekah Clement, director of corporate affairs at Lloyd’s, said: “This new collaboration with Moody’s represents an important step on the path towards insuring the transition. A robust and credible emissions measurement process will allow us to meet our regulatory reporting requirements while improving transparency across the Lloyd’s market. Moody’s have established expertise in this field and are well placed to help us achieve this.” The collaboration will kick-off with a 12-week proof of concept exercise, under the banner of Lloyd’s Lab’s new ‘Lab Challenge Programme’. Lloyd’s and Moody’s will be inviting representatives from the Lloyd’s market to take an active role over the 12 weeks, feeding into the solution as a means for transparency and regulatory reporting. Lloyd’s explained that under current frameworks such as Streamlined Energy and Carbon Reporting (SECR), many insurers will be required to report their greenhouse gas emissions. With further regulation from the International Sustainability Standards Board and Corporate Sustainability Reporting Directive coming into force in the next few years, it will be necessary to have standardised reporting methodologies that can be adopted and are ready to use. Dawn Miller, commercial director at Lloyd’s, said: “Complimenting our leading insurtech accelerator, the Lloyd’s Lab has created a structured programme for fast fail testing of propositions in partnership with the market to enable faster, more successful innovation to address wider market challenges. A regulatory imperative is coming within the next three years, and the Lloyd’s Lab can play a useful role by helping the market get to a better, swifter, and more consistent outcome.” Andy Frepp, general manager – risk solutions at Moody’s Analytics, added: “Building on our unique experience in delivering specialised sustainable solutions and analytics to brokers, carriers, and reinsurers, we are excited to help the Lloyd’s market quantify its insurance and financed-associated carbon emissions by leveraging our extensive carbon and financial data, advanced name-matching algorithms, and the knowledge of our climate and insurance experts.”

Lloyd’s and Moody’s to develop emissions measurement process for managing agents

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