ABI sets up new climate change committee to drive industry’s strategy and progress

The Association of British Insurers (ABI) has established a new climate change committee headed by Andy Briggs to help coordinate and drive collective focus on climate change and sustainability within the insurance industry.

The committee will be formed by ten members of the ABI’s board and will meet for the first time in April.

The group will be focussing on delivering an ambitious sector-wide approach to reaching Net Zero, identifying how the industry’s investments and underwriting can enable the ‘Green Industrial Revolution’ and identifying how insurance and long-term savings customers can be supported to make more sustainable choices.

ABI said the insurance and long-term savings industry has a significant role to play in tackling climate change whether through investment of long-term assets in green infrastructure, helping society to be more resilient to the impact of climate change or supporting the ambition for the UK to reach net zero carbon emissions by 2050.

As COP-26 approaches, the ABI has established the board committee to drive the industry’s strategy and progress and provide oversight at the most senior level across our members.

Huw Evans, director general of ABI, said: “There has never been a more crucial time for the insurance and long-term savings industry to act on our collective potential to do more to invest in transitioning the economy to Net Zero and managing the effects of climate change. The new Board committee confirms our commitment to this challenge.”

Briggs, group CEO of Phoenix Group and former chair of the ABI, added: “I’m delighted to be taking on the role as Chair of this vital new committee at the ABI. The impact of climate change is one of the biggest global issues of today and in the run up to COP-26, it is essential that as an insurance industry, investing trillions on behalf of our customers, we work together with Government and wider stakeholders to drive positive change.”

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