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Lloyd's of London plans electric vehicle, hydrogen insurance in climate change fight

Lloyd's of London plans electric vehicle, hydrogen insurance in climate change fight
Lloyd's of London plans electric vehicle, hydrogen insurance in climate change fight   -   Copyright  Thomson Reuters 2021
By Reuters

LONDON – Lloyd’s of London plans to develop insurance products for electric vehicles and hydrogen as part of its efforts to fight climate change, the specialist insurance market said on Thursday.

Lloyd’s published a climate action road map to speed the move to a net zero world through its leadership of an insurance task force launched last month with Britain’s Prince Charles’ Sustainable Markets Initiative (SMI).

“There is an ever-more pressing need for a coordinated global effort across industries to effect the monumental transformation needed to address the climate challenge,” Bruce Carnegie-Brown, chair of Lloyd’s and of the SMI Insurance Task Force said in a statement.

Lloyd’s and other insurers were aiming to “drive action towards a more sustainable world”, Carnegie-Brown added.

Lloyd’s will design insurance for electric vehicles which will cover a breakdown in internet connections, and look at ways to insure hydrogen transportation, it said in a report.

Lloyd’s, which has around 100 syndicate members, issued its first environmental, social and governance strategy last year, scaling back its exposure to coal and tar sands.