The new division will leverage Howden’s resources to develop insurance. Credit: Gerd Altmann from Pixabay.

UK-based insurance group Howden has launched a new climate risk and resilience division to offer risk transfer insurance solutions.

Charlie Langdale will head the newly launched division, which will focus on helping firms de-risk their efforts to move towards a low carbon economy and dampen the impact of climate change.

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It will leverage Howden’s resources to create insurance solutions to address the problems of climate change.

Howden’s latest announcement follows the launch of its environmental, social and governance (ESG) focused sustainable insurance carrier, Parhelion.

Howden Group CEO David Howden said: “The move to a low-carbon economy simply cannot happen without insurance; with the launch of this team, we’re investing in the people and resources to help drive that change.”

Langdale said: “We’re helping to remove barriers to financing the projects that will help us move towards a low-carbon economy, whilst also creating scalable, sustainable markets for funding disaster response by unlocking private capital for social good.

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“We’re driving capital to where it otherwise wouldn’t go and, in doing so, tackling climate risk from both a reduction and recovery angle.”

Last month, Britain’s Prince Charles teamed up with the global insurance industry to launch the Sustainable Markets Initiative (SMI) Insurance Task Force of which, Howden is also a part.

Earlier this week, eight insurance and reinsurance firms launched Net-Zero Insurance Alliance (NZIA) to help transition towards a net-zero emissions economy.