Fossil Fuels: Insurance
The question
To ask the Chancellor of the Exchequer, if she will take steps to prevent insurers underwriting fossil fuel projects.
Answered by Tulip Siddiq
This Government is committed to delivering the UK’s legal and international climate commitments. Clean power by 2030 and accelerating to net zero is a key mission of this Government and essential to credible, long-term economic growth.
Insurers make commercial decisions on their underwriting approach following their assessment of the relevant risks. However, it is imperative that the insurance sector aligns its operations with the United Kingdom’s national and international climate commitments, and insurers must operate within the framework set by the regulatory authorities.
The Prudential Regulation Authority continues to work with Lloyd’s of London and other sector representatives to ensure their practices support the transition to a low-carbon economy.
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