Meeting the challenges and opportunities of ESG and climate issues has been a focus within the Lancashire business for many years.
Our underwriting mindset is grounded in a pragmatic understanding of potential perils, their nature, and mitigation factors. The risks of climate change on the insurance industry affect the asset and liability side of the balance sheet. That double exposure drives us to work with our clients to assist them with risk solutions that help them recover from the impact of catastrophic events, including those associated with climate change.
We also act as a partner with our clients during their journey through this phase of global carbon transition.
Lancashire operates in a subscription market that allows us to adjust our insurance solutions and provide policyholders with flexibility as their needs change to address climate-related challenges and planning.
Our approach to reporting
Every year, we build upon our increasing knowledge to move discussions further in identifying the opportunities to work alongside our clients, investors, and other stakeholders to address complex climate change issues.
About our report
In compliance with the Financial Conduct Authority (FCA) listing rules, our disclosures are consistent with the TCFD recommendations and recommended disclosures.
Lancashire is a TCFD supporter and recognises the value of consistent disclosures. Annual reporting against TCFD allows us to understand climate-related business risks and opportunities. Some additional guidance in the October 2021 TCFD Annex requires more time for us to consider fully. We will continue this review throughout 2024.
Our Scope 3 disclosures relate to the measurable emissions referable to our own operations, as more specifically detailed in this report. At this time, there is no commonly-adopted methodology, nor the available data for accurate and comparable measurement and apportionment of Scope 3 emissions referable to the economic activity associated with the Group’s investment portfolio or its (re)insureds; further details on our approach can be found in the Strategy section of the report.
The report complements Lancashire’s ClimateWise Report, our Principles for Sustainable Insurance disclosures and our CDP submission.
Download our 2023 TCFD Report
Download our 2023 Annual Report and Accounts