Lloyd’s of London launches consultation on new sustainability roadmap

Lloyd’s of London has launched a consultation on its three-year plan for insuring the transition to a lower carbon economy.

A statement released yesterday (23 November 2023) said the marketplace’s proposed roadmap outlined its strategy across all areas of the market, including underwriting, investments, exposure management and capital and reserving. 

It has also been designed to assist market participants develop and integrate their sustainability strategies.

The consultation on the plans opened yesterday and will close on 31 January 2024.

”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,” Lloyd’s chief executive John Neal said.

Evolving

The consultation was designed with managing agents, brokers and insurance associations.

It outlines the planned oversight processes and regulatory expectations on climate-related risk management, capital and reserving as well as transition planning. 

And the document aims to provide short-term actionable steps that can be taken – Lloyd’s explained that its longer-term roadmap will be developed in response to consultation feedback and remain in line with government policy and regulatory 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,” Neal added.