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Lloyd's of London plans electric vehicle, hydrogen insurance in climate change fight

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Signage is seen inside the Lloyd's of London building in the City of London financial district in London, Britain, April 16, 2019. REUTERS/Hannah McKay

LONDON, July 29 (Reuters) - Lloyd's of London plans to develop insurance products for electric vehicles and hydrogen as part of its efforts to fight climate change, the specialist insurance market said on Thursday.

Lloyd's published a climate action road map to speed the move to a net zero world through its leadership of an insurance task force launched last month with Britain's Prince Charles' Sustainable Markets Initiative (SMI). read more

"There is an ever-more pressing need for a coordinated global effort across industries to effect the monumental transformation needed to address the climate challenge," Bruce Carnegie-Brown, chair of Lloyd's and of the SMI Insurance Task Force said in a statement.

Lloyd's and other insurers were aiming to "drive action towards a more sustainable world", Carnegie-Brown added.

Lloyd's will design insurance for electric vehicles which will cover a breakdown in internet connections, and look at ways to insure hydrogen transportation, it said in a report.

Lloyd's, which has around 100 syndicate members, issued its first environmental, social and governance strategy last year, scaling back its exposure to coal and tar sands. read more

Reporting by Carolyn Cohn Editing by Alistair Bell

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