The Prince of Wales launched his Sustainable Markets Initiative (SMI) Insurance Task Force during a visit to Lloyd’s. The SMI Insurance Task Force is comprised of executives from many of the world’s largest insurance and reinsurance companies, providing an influential platform for the sector to collectively advance the world’s progress towards a resilient, net-zero economy.

To support the rapid growth of green projects and innovation, the SMI Insurance Task Force will develop a framework to help unlock the more than $30tr in assets under management, increasingly directing capital towards investments that drive climate-positive outcomes in both developed and developing nations.

The SMI Insurance Task Force also published its Statement of Intent, committing to provide climate positive financing and risk management solutions to support and encourage individuals and businesses around the world to accelerate their transition to a sustainable future.

During the visit to Lloyd’s, the Lutine Bell rung out twice to mark this new and significant global insurance industry commitment to drive climate positive action at pace, through a number of key initiatives. For commercial and individual customers, these actions include adapting and expanding coverage for offshore wind projects in response to rapid growth and new technologies, alongside the implementation of “build back better” claims clauses in home insurance policies to encourage customers to rebuild sustainably.

The SMI Insurance Task Force will also work with governments to establish a public-private disaster resilience, response and recovery framework, which will help protect developing nations from the evolving economic and societal impacts of climate change.

His Royal Highness, The Prince of Wales said: “The insurance industry is exceptionally well placed to understand the impact of climate change and the damage it can cause to us all if we don’t take action now. This is why I am so pleased that a large number of the world’s leading insurance companies have joined together to identify how the insurance industry can help put nature, people and the planet at the heart of our entire economy.”

Companies involved include AIG, Allianz, Aon, AXA, Beazley, Hiscox, Legal & General, Lloyd’s, Munich Re.

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