Insurance Task Force

About the Task Force

The Insurance Task Force was launched from the historic Lloyd’s underwriting room in 2021, and today continues its effort to support the creation of a sustainable future for nature, people and planet. It has represented the insurance industry at global climate conferences like COP 26, 27, New York Climate Week and remains a catalyst for driving cross sector collaboration on issues of risk.

Chaired by Lloyd’s CEO John Neal, the Task Force is supporting the global transition to a sustainable future through the creation of innovative and new insurance products and services, and critical financial and risk management support, which span several industries and geographies to drive positive change.

Sustainable Markets Initiative Insurance Task Force Insurance Task Force launches global pledge for sustainable supply chains

A key feature of the insurance sector is its role as an ‘enabler’, providing services across the whole of the global economy, with every home and business reliant on a range of insurance products. As an industry, insurers are making progress with reducing the carbon footprint of their direct operations, incentivising customers to reduce environmental impact and supporting them through the transition.

The Insurance Task Force's Global Supply Chain Pledge aims to drive greater sustainability across insurance industry supply chains. 

Twelve major insurers and brokers have signed the commitment to take action and support their supply chain strategic partners to make the green transition. Signatories have made a commitment to take into account the emissions within their direct supply chain by focusing on three key actions:

1. Encouraging and helping suppliers to set meaningful sustainability targets with an ultimate goal of adopting Paris-aligned Net Zero Targets: insurers and brokers will, during procurement processes and then through ongoing engagement with suppliers, encourage supplier firms to set meaningful sustainability targets with the ultimate goal of adopting Net Zero Targets – for example, a 50% reduction in global emissions by 2030 in advance of reaching Net Zero by no later than 2050.

2. Advance initiatives with a goal of measuring the carbon footprint of insurance supply chains and report transparently on progress: to support more sustainable supply chains, the sector will develop methodologies for assessing and measuring the carbon intensity of suppliers to identify hotspots. Once established, these methodologies will be used to identify suppliers that have lower footprints or those who are taking active steps to increase sustainability.

3. Work to tackle supply chain carbon hotspots: signatories are committed to promoting engagement across the sector to address parts of the supply chain with the largest carbon footprint and facilitate best practices to drive up sustainability. This will allow insurers to replicate and build on the stewardship approaches adopted by investors and drive change in the supply chain at a sectoral level, rather than only on a case-by-case basis.

Download the best practice guidelines

Download the pledge

The 12 organisations who have signed the Pledge are:

1. Association of British Insurers

2. Aon

3. Ascot

4. Axa XL

5. AXIS Capital

6. Conduit Re

7. Howden Group

8. Legal and General

9. Lloyd’s

10. McGill and Partners

11. Phoenix Group

12. Tokio Marine Kiln

Task Force Members

The Insurance Task Force is chaired by John Neal, Lloyd’s CEO. Its members are drawn from across the global insurance industry, including:

Further information

For Task Force enquiries please contact:

Email: info@sustainable-markets.org