Lloyd’s, the world’s leading marketplace for insurance and reinsurance, has today launched a consultation on its roadmap for insuring the transition. The consultation sets out Lloyd’s proposed approach for the next three years across all areas of sustainability for the market, including underwriting, investments, exposure management and capital and reserving.
The roadmap has been designed to support market participants in evolving and embedding their own sustainability strategies, including navigating evolving regulatory reporting requirements. It also aims to provide greater clarity to all stakeholders on how Lloyd’s will support customers as they respond to a volatile macro-environment, while maintaining decarbonisation and transition progress to support global ambitions to achieve net zero.
The document sets out planned oversight processes and regulatory expectations on climate-related risk management, capital and reserving as well as transition planning. It seeks to provide short-term actionable steps that can be taken, focusing on the areas that matter. The plan will be developed and iterated in response to consultation feedback, and for future years to ensure it remains in line with government policy and regulatory requirements.