Top re/insurance leaders join Prince Charles to tackle climate change

HRH The Prince of Wales has launched a new partnership with the global insurance industry to drive action to tackle climate change. The initiative is joined by chief executives of the world’s largest re/insurers.

The Sustainable Markets Initiative (SMI) Insurance Task Force, convened by Prince Charles and chaired by Lloyd’s, seeks to provide an influential platform for the sector to collectively advance the progress towards a resilient, net-zero economy.

Its members include CEOs of AIG, Allianz, AmWins, Aon, Ascot, AXA, Beazley, Conduit Re, Direct Line Group, Hiscox, Howden Group, Legal & General, Lloyd’s, Marsh McLennan, Munich Re, Phoenix, and Tokio Marine Kiln.

The global insurance industry has a critical role to play due to its unique view of the climate crisis in the face of increasingly severe and frequent weather events. Alongside mitigating and managing the impact of these disasters, the industry continues to provide financial support across multiple industries to build greater climate resilience, supporting the increased scale and speed of the transition.

“The insurance industry is exceptionally well placed to understand the impact of climate change and the damage it can cause to us all if we don’t take action now," commented HRH, The Prince of Wales. "This is why I am so pleased that a large number of the world’s leading insurance companies have joined together to identify how the insurance industry can help put Nature, People and the Planet at the heart of our entire economy.”

The SMI Insurance Task Force has released its Statement of Intent, committing to provide climate positive financing and risk management solutions to support and encourage individuals and businesses around the world to accelerate their transition to a sustainable future.

To support the rapid growth of green projects and innovation, the SMI Insurance Task Force will develop a framework to help unlock the more than $30 trillion in assets under management, increasingly directing capital towards investments that drive climate-positive outcomes in both developed and developing nations.

The task force will also work with governments to establish a public-private disaster resilience, response and recovery framework, which will help protect developing nations from the evolving economic and societal impacts of climate change.

Lloyd’s chairman Bruce Carnegie-Brown said: “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 build back with sustainability as a foundation and guiding principle. Although climate change poses unprecedented systemic risk, it is one which – through partnership and accelerated action – we have the means to address.

"As a task force, we are making a resolute commitment to be a catalyst for action to help create a more sustainable future through the risks we manage and the capital we invest.”

During the visit by Prince Charles, the Lloyd’s Lutine Bell rung out twice to mark the new and significant global insurance industry commitment to drive climate positive action at pace, through a number of key initiatives.

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