Industry Task Force
Insurance Task Force
About the Task Force
The Insurance Task Force was launched from the historic Lloyd’s underwriting room in 2021, and today continues its effort to support the creation of a sustainable future for nature, people and planet. It has represented the insurance industry at global climate conferences like COP 26, 27, New York Climate Week and remains a catalyst for driving cross sector collaboration on issues of risk.
Chaired by Lloyd’s CEO John Neal, the Task Force is supporting the global transition to a sustainable future through the creation of innovative and new insurance products and services, and critical financial and risk management support, which span several industries and geographies to drive positive change.
Sustainable Markets Initiative's Insurance Task Force Publishes Roadmap to Supporting Green Innovation
The new report, Insuring a Sustainable Future, published ahead of the Insurance Task Force’s participation at COP28 in Dubai, explores the critical role the insurance industry is playing in the growth of clean and emerging technologies, de-risking investment and enabling recovery post climate disaster.
United Nations Capital Development Fund and Sustainable Markets Initiative Insurance Task Force partner to scale insurance access for climate-vulnerable countries
Sustainable Markets Initiative member Lloyd’s announced a partnership with the United Nations Capital Development Fund to scale insurance access for climate-vulnerable countries. The partnership supports the work of the Sustainable Markets Initiative Insurance Task Force and will involve all parties collaborating to design innovative insurance products that will deliver financial resilience against climate shocks in Small Island Developing States and Least Developed Countries.
Joint Global Strategic Partnership Launched by the Sustainable Markets Initiative, Howden and Resilient Cities Network
The strategic partnership will address urban climate change vulnerabilities and explore how insurance can be incorporated into climate resilience solutions to support city resiliency.
Insurance professionals will be seconded into city leadership teams in Melaka, Surat, Miami, Glasgow and The Hague as the first cohort of the Global Risk and Resilience Fellowship gets underway.
Sustainable Markets Initiative Insurance Task Force Insurance Task Force launches global pledge for sustainable supply chains
A key feature of the insurance sector is its role as an ‘enabler’, providing services across the whole of the global economy, with every home and business reliant on a range of insurance products. As an industry, insurers are making progress with reducing the carbon footprint of their direct operations, incentivising customers to reduce environmental impact and supporting them through the transition.
The Insurance Task Force's Global Supply Chain Pledge aims to drive greater sustainability across insurance industry supply chains.
Twelve major insurers and brokers have signed the commitment to take action and support their supply chain strategic partners to make the green transition. Signatories have made a commitment to take into account the emissions within their direct supply chain by focusing on three key actions:
Encouraging and helping suppliers to set meaningful sustainability targets with an ultimate goal of adopting Paris-aligned Net Zero Targets: insurers and brokers will, during procurement processes and then through ongoing engagement with suppliers, encourage supplier firms to set meaningful sustainability targets with the ultimate goal of adopting Net Zero Targets – for example, a 50% reduction in global emissions by 2030 in advance of reaching Net Zero by no later than 2050.
Advance initiatives with a goal of measuring the carbon footprint of insurance supply chains and report transparently on progress: to support more sustainable supply chains, the sector will develop methodologies for assessing and measuring the carbon intensity of suppliers to identify hotspots. Once established, these methodologies will be used to identify suppliers that have lower footprints or those who are taking active steps to increase sustainability.
Work to tackle supply chain carbon hotspots: signatories are committed to promoting engagement across the sector to address parts of the supply chain with the largest carbon footprint and facilitate best practices to drive up sustainability. This will allow insurers to replicate and build on the stewardship approaches adopted by investors and drive change in the supply chain at a sectoral level, rather than only on a case-by-case basis.
The 12 organisations who have signed the Pledge are:
Association of British Insurers
Legal and General
McGill and Partners
Tokio Marine Kiln
Insuring a Sustainable Future
A new report published by the Insurance Task Force explores the critical role the insurance industry is playing in the growth of clean and emerging technologies, de-risking investment and enabling recovery post climate disaster.
The Global Risk and Resilience Fellowship
The Global Risk and Resilience Fellowship is a multi-year global partnership which brings together sector experts and city leaders to collaboratively develop solutions to empower cities to build a safe, equitable, and sustainable future for all.
Disaster Resilience Framework for climate-vulnerable countries
The Task Force launched a Framework which demonstrates how blending public and private investment with insurance can reengineer and improve disaster resilience in low- to middle-income countries, as well as create high impact risk mitigation solutions.
Sustainable Products and Services Showcase
The Sustainable Products and Services Showcase highlights the critical role the insurance industry is playing in driving climate-positive action through a wide-range of innovative insurance solutions.
John Neal, CEO Lloyds and Chair of the Sustainable Markets Initiative's Insurance Task Force
The insurance industry has spent the last three centuries analysing and understanding risk, and for this reason is uniquely positioned, through partnership and accelerated action to support the private and public sector to address the risks that threaten our shared future. The Insurance Task Force is a catalyst of this action and works to deliver solutions, partnerships and initiatives which build a sustainable future for nature, people and planet.
Task Force Members
The Insurance Task Force is chaired by John Neal, Lloyd’s CEO. Its members are drawn from across the global insurance industry, including: