Lloyd’s chairs the Sustainable Markets Initiative (SMI) Insurance Task Force Credit: Francis Ray from Pixabay.

Lloyd’s of London has announced plans to develop insurance products for electric vehicles as part of its efforts to achieve a net-zero economy.

The insurance marketplace has unveiled its climate action road map that sets out how the insurance industry will contribute to accelerate the transition to a low carbon economy.

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Many of those actions set out in the road map will be delivered through Sustainable Markets Initiative (SMI) Insurance Task Force, which was launched last month.

Lloyd’s report details the steps it is taking and will take in the future across the key themes of greener industry, transport, and energy.

Lloyd’s aims to help the insurance industry to adapt to the changing demands and expand coverage to support the growth of the green energy sector while facilitating the development of new insurance products for electric vehicles.

Chair of Lloyd’s and the SMI Insurance Task Force Bruce Carnegie-Brown said: “There is an ever-more pressing need for a coordinated global effort across industries to effect the monumental transformation needed to address the climate challenge.

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“Lloyd’s is proud to play a role, together with the global insurance industry, in partnering with sectors to provide the risk management solutions and investment that will help enable and accelerate the necessary changes and drive action towards a more sustainable world.”

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

Its founding members include AXA, Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re, and Zurich Insurance Group. AXA serves as the NZIA chair.

The companies would work to transition their underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050.