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
29 April 2025
Spain’s unprecedented blackout highlighted the risk for green hydrogen producers with exposure to Europe’s creaking power grids
24 April 2025
Liverpool Bay project on track for 2028 startup as Italian energy company reaches financial close with government for CO₂ transport and storage network
21 April 2025
Agreement on a two-tier emissions trading scheme does not go far enough to meet IMO GHG reduction targets, say observers
11 April 2025
As the global economy grows, demand for materials is expected to increase. The way materials are made could incorporate new technologies in the future to ensure economic growth is more sustainable
