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.