ClimateWise
The world’s climate is changing and having significant social and economic impacts....
The insurance sector enables business and individuals to manage risk including long-term threats such as climate change. And the long-term stability of our economy hinges on an appropriate response to this threat.
The ClimateWise principles provide a framework for insurance companies worldwide to set out how they will build climate change into their business operations. The principles have been developed following consultation between The Prince of Wales’ Business & the Environment Programme, Lloyd’s, the ABI, and other insurance market participants.
The following will be adhered to by those companies that sign up to these principles:
Lead in risk analysis
Risk is our business. Our 360 Risk Insight project has published on climate change topics ranging from tipping points and the cost of adaptation to political and security impacts. We encourage collaboration. Risks are changing and we intend to keep pace.
Inform public policymaking
Policymakers around the world are looking to business to help them combat climate change. In the US, for example, we collaborated in a multiple-stakeholder group to develop a 'blueprint' for coastal resilience. We intend to continue the dialogue.
Support climate awareness amongst our customers
We share our views on climate risk with our customers, including those in the developing world. Through ClimateWise we are calling for regulations to enable us to rebuild sustainably after a catastrophe.
Incorporate climate change into our investment strategies
We have appointed the asset managers Foreign & Colonial to actively engage with the boards of companies in which our central fund invests. They seek to encourage positive action on climate change and the long-term value protection this inevitably brings.
Reduce the environmental impact of our business
We calculate our carbon footprint annually and are taking action to reduce it. We encourage our staff to take action and reward novel ideas for change.
Report and be accountable
Our Finance Director is responsible for ClimateWise activities which are discussed and approved by our Executive Team each year. We publish details of our activities on lloyds.com
Participants
Along with the Corporation of Lloyd’s the following market participants have signed up to the ClimateWise principles:
