Lloyd’s fossil fuel exit to stimulate Asian insurance
The decision by Lloyd’s of London to exit coverage for the most polluting fossil fuel projects may just spur creation of underwriting capacity elsewhere
Lloyd’s of London’s December announcement that it would end insurance coverage for the most polluting fossil fuel projects is likely to result in boom in local insurance provision in developing markets, especially in Asia, according to industry experts. The world’s largest commercial insurance market announced that its members will stop providing insurance for investment in thermal coal-fired power plants, thermal coal mines, oil sands and new Arctic energy exploration. Managing agents in the Lloyd’s market will no longer be able to start new contracts from 1 January 2022, with a target date of 1 January 2030 for multi-year coverage to end. The result is that coal mining, heavy oils and oil
Also in this section
30 October 2024
Occidental subsidiary signs agreement with Enterprise Products Partners for pipelines and transport services for Bluebonnet hub
23 October 2024
Next government faces the difficult task of balancing decarbonisation ambitions with energy security realities
21 October 2024
Gulf Energy Information will host the largest women's event in the energy industry on 19–20 November in Houston, Texas
10 October 2024
The Gulf Energy Information Excellence Awards 2024 celebrated the industry's top innovators at a gala in Houston, recognising achievements in categories ranging from digital transformation to sustainability