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Insurers join business sector call for climate action

Insurers join business sector call for climate action | Insurance Business UK

Insurers join business sector call for climate action

Several insurance firms are part of a coalition of over 80 UK businesses that signed an open letter calling on Prime Minister Boris Johnson to show “strong domestic leadership” in acting on climate change.

The letter, coordinated by the Business Group Alliance for Net Zero (BGA), was released just over 40 days before the UN Climate Change Conference (COP26) in Glasgow. In the letter, the businesses voiced their support for climate action and stressed the need for the British government to formulate a coherent, integrated and Treasury-supported plan to achieve net zero carbon emissions.

Among the insurance companies that have signed the letter are: Allianz, Aon UK, Brit Insurance, Flood Re, Marsh, MS Amlin, Sedgwick International UK and Tokio Marine Kiln.

The signatories urged the prime minister to oversee the government in aligning its economic and fiscal policy with its decarbonisation strategy. This, BGA said, will build confidence for businesses to act at speed and scale, as well as send a message to the world that the UK is taking a concerted leadership position on climate change.

“The countdown to COP26 gives you a limited window to show such leadership,” the letter said. “You must seize key opportunities like the upcoming net zero strategy. To get results across the economy, this strategy will need strong support from HM Treasury through the net zero and comprehensive spending reviews. You will also need to align other government policies and action across transport, housing and the wider built environment, our natural environment and our international aid budget.”