Lloyd’s Signs on to ‘ClimateWise’

September 14, 2007

Lloyd’s announced that it is joining a number of leading insurers, reinsurers and brokers in signing on to the “ClimateWise principles.” Lloyd’s described the initiative as a “major step” for the insurance industry, which would enable it to “play its part in addressing climate change.”

The Association of British Insurers launched the ClimateWise principles. They were developed following meetings between representatives from the insurance industry and HRH Prince of Wales, and are focused on “encouraging more climate friendly behaviors, incorporating climate change into investment strategies and urge companies to analyze the risks of climate change,” said Lloyd’s bulletin.

Signatories pledge to abide by the following principles:
— Recognize at Company Board level that climate risk has significant social and economic impacts and incorporate it into our business strategy and planning.
— Publish a statement as part of our annual reporting detailing the actions that have been taken on these principles.

Luke Savage, Lloyd’s Director of Finance, Risk Management and Operations, commented: “In signing up to the Principles and also by the other actions previously taken we believe that the Lloyd’s Corporation senior management team have recognized the significance of climate change. Going forward, we will provide disclosure as part of our annual reporting on Lloyd’s progress which will be in line with best practice.”

Trevor Maynard, Manager Emerging Risks, added: “We are delighted that this initiative is taking place and are also pleased that a large proportion of Managing Agents decided to sign up.”

The bulletin noted that those Managing Agents at Lloyd’s that have signed up to the principles are listed at: http://www.lloyds.com/News_Centre/Features_from_Lloyds/Lloyds_supports_ClimateWise.htm.

Source: Lloyd’s – www.lloyds.com

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