The insurance industry’s continued support for fossil fuel production is a major issue. It means insurers are now directly contributing to the economic and social harm caused by climate change. This is affecting people and businesses, with rising insurance premiums and some activities becoming uninsurable.

Lloyd’s of London, a major player in fossil fuel insurance, has notably backtracked on its commitment to climate action and over 90 per cent of the underwriting agents it manages fail to meet fundamental environmental and social standards.

This briefing makes the case for policy makers to put greater pressure on the government, Lloyd’s and its regulators, to develop proper transition plans, integrate sustainability into insurance regulation and develop business models based around avoiding environmental and social harm, and supporting clean industries and sustainable business.

For more information, contact:
Steve Coulter, head of economy: scoulter@green-alliance.org.uk