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Poll reveals Lloyd’s brokers’ apprehension

Poll reveals Lloyd’s brokers’ apprehension | Insurance Business UK

Poll reveals Lloyd’s brokers’ apprehension

A straw poll by the London & International Insurance Brokers’ Association (LIIBA) has found that 67% of Lloyd’s brokers are ‘less confident’ when it comes to businesses meeting the net zero carbon emissions target by 2050.

“Clearly there’s concern among our members about the scale of the challenge that they and their clients are facing,” said LIIBA chief executive and Insurance Business columnist Christopher Croft (pictured). “That’s why we recently published our paper Our Role in Net Zero to get discussions moving and to provide some kind of road map for what is to come.

“2050 may seem reassuringly far away but in order to get to net zero, then we need to be making changes now. Importantly, we have to be setting near-term targets for 2020 and achieving them.”

The survey – which was conducted among attendees of LIIBA’s recent “The Role of Brokers in Net Zero” webinar – also found that 46% of brokers are actively seeking cover for new low-carbon technologies while 18% are involved in the decommissioning of old and so-called dirty tech.

“In order to achieve net zero by 2050,” asserted LIIBA chair Richard Dudley during the event, “every business will have to institute radical change. Brokers have a vital role to play in that change, both guiding it and facilitating it.

“London’s brokers are not only experts in advising their clients, but also in risk transfer and risk financing. These are areas that will be critical to achieving net zero. We’re looking at behavioural change on a huge scale, which brokers are well placed to lead.”  

Dudley went on to describe the scale of the opportunity as “colossal”.