Lloyd’s Plans Insurance for Electric Vehicles, Hydrogen Fuel, in Climate Change Fight

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.

Read more: Lloyd’s Moves to End Insurance and Investments in Coal for Climate Sustainability

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.

(Reporting by Carolyn Cohn; editing by Alistair Bell)

Topics Excess Surplus Lloyd's Climate Change