Lloyd’s consults on supporting clients to net zero

Lloyd’s has launched a consultation among member firms on how it will insure customers as they transition to lower-carbon business models.

The consultation sets out Lloyd’s approach to underwriting, investments, exposure management, and capital and reserving for the next three years.

It was designed with managing agents, brokers and insurance associations, and will be open for two months until 31 January 2024.

The roadmap under consultation aims to provide greater clarity to all stakeholders on how Lloyd’s will support customers as they transition to net zero and respond to a volatile macro-environment.

Lloyd’s said the plans will help support market participants to evolve and embed their own sustainability strategies, including navigating evolving regulatory reporting requirements.

“We hope that in setting out this consultation, the market will have greater clarity on the approach the corporation is planning to implement, to support our customers in facing the challenges of transitioning to lower-carbon business models,” said CEO John Neal.

“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,” he added.