Insurance Climate Change and The Law


Page 290

The role of government and public-private insurance solutions

Insurers cannot act as enablers of policyholders and other stakeholders in their transition to a sustainable net-zero economy in a vacuum. An effective approach requires a multi-stakeholder engagement. The preceding chapters have emphasised that insurers must engage with their policyholders and investee companies to shift behaviours and implement climate change mitigation and adaptation measures. It has also been noted that insurers who use brokers and other insurance intermediaries for the distribution of their insurance products must ensure these insurance distributors have the necessary knowledge, expertise, and competence to understand the features of an insurance product and the identified target market,1 and are provided with all the necessary product information and target market information.2 If the current CSDDD proposals are implemented, EU insurers and those insurers who do business generating a net turnover of EUR 150 million in the EU will be required to work with their partners in business relationships to identify, bring to an end, prevent, mitigate, and account for negative environmental impacts in their own operations, their subsidiaries, and business relationships in their value chains.3

The rest of this document is only available to i-law.com online subscribers.

If you are already a subscriber, click Log In button.

Copyright © 2024 Maritime Insights & Intelligence Limited. Maritime Insights & Intelligence Limited is registered in England and Wales with company number 13831625 and address 5th Floor, 10 St Bride Street, London, EC4A 4AD, United Kingdom. Lloyd's List Intelligence is a trading name of Maritime Insights & Intelligence Limited.

Lloyd's is the registered trademark of the Society Incorporated by the Lloyd's Act 1871 by the name of Lloyd's.