Lloyd’s increased its score to 77% compared to 72% in 2015 in this year’s annual assessment of leading insurers against a set of principles that demonstrate the sector’s contribution to building a climate-resilient global economy.
Lloyd's and ClimateWise
Download Lloyd's ClimateWise report
Nine managing agents in the Lloyd’s market have signed up to these principles, which include leading on climate change risk analysis; supporting climate change awareness among customers; and reducing environmental impacts.
Commenting on the results, Lloyd’s Chief Financial Officer, John Parry said: “Our improved ClimateWise score this year is testament to all the hard work that Lloyd’s is doing on climate change. I firmly believe we can help society accept the risks of climate change as a given and immediate concern, and use our horizon scanning and understanding of risk to devote resource to loss resilience. I want to drive global responses now, not when it is too late.”
The report on Lloyd’s performance, which covers Corporation and market activities, identified a number of areas where it felt the organisation had performed strongly.
These include Lloyd’s collaboration on a wide range of research projects that tackle issues critical to the insurance sector and policy community, such as Lloyd’s Oasis Loss Modelling Framework and the Lloyd’s City Risk Index.
Lloyd’s also scored highly on the public policy value of its work with its contribution to the London Climate Change Partnership and the Insurance Development Forum particularly singled out in the report.
Lloyd’s was also praised for its strategy and performance in terms of measuring and reducing its environmental impact.
Overall, the annual review, verified by PwC, found that ClimateWise members are improving their response to climate change within the communities they work in.
More than 30 insurance companies are ClimateWise members, including nine managing agents in the Lloyd's market. ClimateWise's six core principles form the framework of Lloyd's approach to responding to climate change.
The ClimateWise principles were developed following consultation between The Prince of Wales’s Business & Sustainability Programme, Lloyd’s, the ABI, and other insurance market participants. Lloyd's is an active member of the group.