Lloyd’s of London has reset its net zero policies, making the targets longer and looser.

New CEO Patrick Tiernan, will now allow the firm to insure fossil fuel projects within the next five years. It is the latest financial organisation to retrench over green policies in the wake of Donald Trump’s Presidency.

Now the market will only be constrained by local laws in the countries it operates in, abandoning the pledges made by form CEO John Neal in 2021.

Over the first six months of the year, the Lloyd’s market produced a gross written premium of £32.5bn and grew at 6.2 per cent whilst claims paid by the market totalled £14bn driven by the California wildfires and aviation settlements related to the conflict in Ukraine.

Tiernan noted in a general statement: “The overwhelming message from all those we have heard from so far is that the Corporation’s focus must be on facilitating sustainable and attractive returns on capital through the economic cycle. I will deprioritise or end those activities which are not serving that purpose.”

Although that message applies to several operations, the intent is clear.

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