SMI Insurance Task Force aims to unlock over $30 trillion in assets under management. Credit: cocoparisienne from Pixabay.

Britain’s Prince Charles has teamed up with global insurance industry to launch Sustainable Markets Initiative (SMI) Insurance Task Force.

The task force, which is aimed at helping industry in contributing towards a net-zero economy, has been launched during Prince Charles’ visit to Lloyd’s of London.

Convened by Prince Charles, SMI will be chaired by Lloyd’s. It is comprised of executives from global insurance and reinsurance firms like AIG, Allianz, Aon, Howden, Munich Re, among others.

SMI’ statement of intent read: “To provide climate positive financing and risk management solutions to support and encourage individuals and businesses around the world to accelerate their transition to a sustainable future.”

Charles said: “The insurance industry is exceptionally well placed to understand the impact of climate change and the damage it can cause to us all if we don’t take action now.

“This is why I am so pleased that a large number of the world’s leading insurance companies have joined together to identify how the insurance industry can help put Nature, People and the Planet at the heart of our entire economy.”

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SMI Insurance Task Force will work to establish a “public-private disaster resilience, response and recovery framework” to help protect developing nations from climate change.

It aims to develop a framework to unlock over $30 trillion in assets under management and drive the capital towards climate positive outcomes.

Lloyd’s chairman Bruce Carnegie-Brown added: “As a task force, we are making a resolute commitment to be a catalyst for action to help create a more sustainable future through the risks we manage and the capital we invest.”

Earlier this month, Willis Tower Watson teamed up with Mesoamerican Reef Fund to to protect endangered reef system along the Caribbean coast.

Another insurance broker, Howden launched an environmental, social and governance (ESG) focused sustainable insurance carrier, Parhelion.