Brokers not talking to clients about insurers’ climate credentials

The majority of brokers are not talking to clients about insurers’ climate credentials, according to new research by Ecclesiastical.

Figures published today (19 July 2024) show that 77% of respondents to the firm’s survey said it was not a broker’s responsibility to inform and educate clients about insurers’ climate positions.

The findings suggest insurers need to do more to support brokers to build their knowledge and confidence about their climate credentials, Ecclesiastical said.

Net zero

However, the poll of 250 brokers also found that most brokers believe that reducing their company’s climate impact was the right thing to do.

Some 79% believe their main responsibility in tackling the climate crisis is reducing their direct impact, while 32% felt advising on products and services that support carbon reduction was their responsibility.

There was also an increase in the number of brokers setting a net zero target, rising from 11% to 17% year-on-year.

Richard Coleman, UK managing director at Ecclesiastical, said: “The climate crisis is something we clearly all feel strongly about. It is really positive to see that more brokers are taking steps to reduce their direct impacts and we believe they also have an opportunity to play a bigger role still in tackling the climate crisis.

“Brokers have the pivotal role in helping clients make informed decisions and we believe sharing insurers’ climate credentials could be part of that conversation.

“As an insurer committed to making a positive environmental impact, we’re planning to talk to brokers more about our climate approach so they can make more informed choices about whether they expand the climate conversation to their customers.”