The International Task Force (ITF) has published a Sustainable Products and Services Showcase (SPSS), demonstrating some of the wide-ranging innovative insurance solutions around sustainability currently available in the market to cater for emerging risks.
The ITF, chaired by Lloyd’s, was convened by HRH The Prince of Wales (above) this summer and is comprised of executives from many of the world’s largest insurance and reinsurance companies.
Its mission is to develop, invest in and help the market scale its sustainability initiatives, supporting green innovation across multiple sectors and geographies.
The SPSS, available here, showcases a range of innovative risk solutions in a number of areas including renewables, biodiversity, hydrogen and electric vehicles.
The ITF said that the SPSS shows the critical role the global insurance industry is already playing in underpinning and safeguarding the efforts of multiple industries as they drive climate-positive action to adapt and transition to a sustainable future and comes as action from one of the five commitments the ITF signed up to deliver throughout 2021.
The ITF came about after the Prince’s approach to Lloyd’s to lead the initiative in February.
At its launch the Task Force 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.
Insurers on the task force has committed to drive climate positive action at pace, through a number of key initiatives. For commercial and individual customers, these actions will 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.
To support the rapid growth of green projects and innovation, the ITF will develop a framework to help unlock the more than $30 trillion in assets under management, increasingly directing capital towards investments that drive climate-positive outcomes in both developed and developing nations.
The task force has been challenged to provide output in time for the COP26 meeting later this year in Glasgow with Lloyd’s chairman Carnegie-Brown adding that its efforts will continue into 2022 and beyond.