Patrick Tiernan says market will no longer discourage underwriting of such projects, stressing ‘apolitical’ stance
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The new chief executive of Lloyd’s has stressed the insurance market’s “apolitical” stance in an apparent shift on climate policy, even as he warned of growing threats from an acceleration of extreme weather events.
Patrick Tiernan, who took over as CEO from John Neal in June, said the corporation would no longer discourage insurers operating in the market from underwriting coal and other fossil fuel projects.
In comments to the Financial Times, he said Lloyd’s planned to give its insurers more freedom, adding that “we respect the laws of the land” in the countries where they operate and the corporation defers to “the energy mix that the government of [a] jurisdiction chooses”.
