Decarbonisation and Climate Change
Although climate change poses unprecedented systemic risk, it is one which – through partnership and accelerated action – we have the means to address. Therefore, in the next cohort of the Lloyd's Lab, we are looking for new insurance products which can support industry in the transition to a low carbon economy.
This theme is a search for new insurance products that we can offer our customers. For example, this could be a new product to help protect those who are creating renewable energy, or insurance for the businesses who are experimenting with carbon capture technologies. Perhaps you have data which we can use together to build a parametric insurance product or can help us create insurance for the use of new, low-carbon materials.
Perhaps you’ve been working on an insurance product which takes some of the risk off businesses who are decarbonising their manufacturing processes or working to reduce their marine and cargo emissions. All these are relevant for this theme.
In this theme we are also interested in insurance products which can help our customers manage risks which are caused by or exacerbated by climate change. For example, less predictable weather patterns are causing problems with crops; intense heat and droughts are triggering enormous wildfires; and storms are causing more damage. If you have a new insurance product which can help manage these risks, we’d like to hear from you.
The recently published Lloyd’s Climate Action Roadmap sets out in more detail how Lloyd’s plans to support the global transition to net zero emissions. If you have a solution that you think could help the Lloyd’s market tackle these challenges, apply for Cohort 8 today.