ClimateWise sub principles
- 3.1 Inform our customers of climate risk and provide support and tools so that they can assess their own levels of risk.
- 3.2 Encourage our customers to adapt to climate change and reduce their greenhouse gas emissions through insurance products and services.
- 3.3 Seek to increase the proportion of non-life claims that are settled in a sustainable manner.
- 3.4 Through our products and services assist markets with low insurance penetration to understand and respond to climate change.
How is Lloyd's supporting climate awareness amongst our customers?
Discussions and engagement
The issue of climate change can leave people with a feeling of helplessness; but action can be taken both to reduce carbon emissions; and to adapt to the coming changes. The insurance industry needs to adopt more innovative thinking and forge collaborative partnerships with governments and other service providers if it is to solve the problem of underinsurance, according to a new report from industry think-tank, the Geneva Association. The Global Insurance Protection Gap report, whose working group was co-chaired by Lloyd’s CEO Inga Beale, builds on Lloyd’s 2012 Global Underinsurance Report and , highlights the threat underinsurance poses to economic development and considers ways to measure the gaps that exist in protection and their root causes.
The developing world will be adversely affected by climate change, yet in many cases the insurance options to reduce risk, that many take for granted in the developed world, are not available. We believe that insurance solutions, if carefully implemented, can help stabilise emerging or small economies.
The Lloyd’s Emerging Risk team worked with experts in food security and sustainable development economics to produce a report entitled Food System Shock. The insurance industry is in a position to make an important contribution to improving the resilience and sustainability of the global food system by encouraging businesses to think about their exposure to risks throughout the food supply chain and prioritise the development of innovative risk transfer products.
These are just a few examples of how we have and will continue to support climate awareness amongst our customers. Find out more about our progress with ClimateWise.