His Royal Highness The Prince of Wales launched his Sustainable Markets Initiative (SMI) Insurance Working Group during a visit to Lloyd’s today.
The SMI Insurance Task Force, convened by Prince Charles and chaired by Lloyd’s, is made up of leaders from several of the world’s largest insurance and reinsurance companies, providing an influential platform for the industry to move forward collectively progress towards a resilient, net zero economy. (See the list of members of the SMI working group below).
The global insurance industry has a critical role to play due to its unique vision of the climate crisis – through decades of “supporting communities, businesses and economies in the face of increasingly severe weather events. and frequent … “Lloyd’s said in a statement.
The SMI Insurance Task Force has released its Statement of Intent, which is committed to providing climate-friendly financing and risk management solutions to support and encourage individuals and businesses around the world to accelerate their transition to a sustainable future.
During Prince Charles’ visit, Lloyd’s Lutine Bell rang twice to mark “the new and important commitment of the global insurance industry to take positive climate action”, through a number of key initiatives for business and private customers.
These actions include adapting and extending coverage for offshore wind projects in response to rapid growth and new technologies, as well as the implementation of “build better” claim clauses in home insurance policies. encourage customers to rebuild sustainably.
The MCH Insurance Working Group will also work with governments to establish a public-private framework for disaster resilience, response and recovery, which will help protect developing countries from the evolving economic and societal impacts of climate change. climate change.
To support the rapid growth of green projects and innovation, the SMI Insurance Working Group will develop a framework to help unlock the more than $ 30 trillion in assets under management, with increasing focus. capital to investments that generate positive climate outcomes in developed and developing countries.
“The insurance industry is uniquely positioned to understand the impact of climate change and the damage it can cause all of us if we don’t act now,” commented HRH the Prince of Wales. “This is why I am so happy that many of the world’s largest insurance companies have come together to identify how the insurance industry can help put nature, people and the planet at the heart of our economy. “
Lloyd’s President Bruce Carnegie-Brown added: “As the world begins to recover from a pandemic that has caused significant and far-reaching financial and societal challenges, it does so with an opportunity to rebuild with the sustainability as the foundation and guiding principle. While climate change poses an unprecedented systemic risk, it is a risk that – through partnerships and accelerated action – we are empowered to address. As a task force, we are firmly committed to being a catalyst for action to help create a more sustainable future through the risks we manage and the capital we invest.
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