ESG

He said Lloyd’s was a “broad church” and the market would work together gradually to reduce fossil fuel exposure.

Lloyd’s CEO John Neal has said the prospects of climate change could present the industry with its greatest “underwriting and investment opportunity” in a generation, but cautioned that it would require a commitment by the industry to be both “smart and brave”.

Many of the individual causes championed by CEOs are positive, but there are good reasons to separate the political and business spheres.

UN secretary-general Antonio Guterres called for the phasing out of insurance for fossil fuel-intensive businesses in closing remarks delivered at an Insurance Development Forum event.

The information-gathering exercise for large insurers and banks won’t dictate capital requirements.

The aspiring carrier is already providing risk-transfer deals for carbon offset buyers but plans for its initial underwriting to be focussed in more traditional areas.

The firm claims it will be the world’s first fully sustainable insurer with a unique underwriting approach including ESG criteria.