Andy Briggs, group CEO of Phoenix Group and former chair of the ABI, is to chair a new climate change committee for the trade body.
He will co-ordinate and drive “collective focus” on climate change and sustainability across the industry.
The Association of British Insurers says the insurance and long-term savings sector has a significant role to play in tackling climate change through investment in green infrastructure, helping society to be more resilient to climate change or supporting the ambition for the UK to reach net zero carbon emissions by 2050.
As COP26 approaches, the ABI has established the committee to drive the industry’s strategy and progress and provide oversight at a senior level, it says.
The committee will be formed by 10 members of the ABI’s board and will meet for the first time in April.
The group will be focussing on delivering a 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.
Mr Briggs said: “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.”
Huw Evans, director general, ABI, said: “We’re delighted that Andy has agreed to chair the board’s new climate change committee. 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.”