Insurance industry introduces climate change initiative

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A new scheme has been launched by the insurance industry to encourage companies to improve their carbon footprints.

The ClimateWise guidelines, which were drawn up by global insurers with the aid of Lloyd's of London, also outline ways that companies should promote climate-friendly behaviour to their customers.

The initiative suggests that businesses do this is by offering discounts to consumers for the use of environmentally-friendly vehicles and flood-resilient measures on their homes.

Companies involved in the launch, including high street brands such as Lloyds TSB, Royal Bank of Scotland, Halifax and Co-operative insurance, are also expected to publish a report annually on how they have implemented the strategies.

AXA Insurance chief executive Peter Hubbard, who was chairman of the working group involved in the creation of the initiative's guidelines, said: "The responsibility for addressing global warming rests with us all and will require co-operation and agreement amongst individuals, businesses and countries."

The moves by the insurance industry to consider global warming come after the sector experienced a busy summer due to major flooding in Yorkshire and Gloucestershire.

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