Lloyd’s says it will continue to play a key role on climate change risk analysis, supporting awareness among consumers and reducing environmental impacts.

The market’s commitment follows a year of strong global warming-related activity.

Lloyd’s has been commended by ClimateWise – the global insurance industry’s climate change “leadership group” – for its initiatives in 2015.

These include engaging with external managers to promote responsible investment and with government and other stakeholders on public policy.

Lloyd’s Director of Finance John Parry says global warming is a vital issue for the insurance industry.

“Recent natural disasters show the very real cost climate change could potentially cause insurers in the future,” he said.

“Lloyd’s recognises the potential effects of climate change and the direct impact on the business community, and we are in regular dialogue with insurers, businesses and policymakers to try to address the challenges of climate change, both for our industry and for the wider world.”

Lloyd’s is a member of the CEO Climate Leaders coalition, which comprises CEOs from 78 companies and 20 economic sectors worldwide.

The group is facilitated by the World Economic Forum and believes the private sector “has a responsibility to engage actively in global efforts to reduce greenhouse gas emissions and to help the world move to a low-carbon, climate-resilient economy”.

Lloyd’s is also a signatory to the international Climate Risks Statement.

CEO Inga Beale was one of 68 insurer and reinsurer leaders to sign the declaration before the Paris Climate Change Conference, reaffirming their commitment to playing “an instrumental role in implementing the objectives to manage and reduce the risks associated with our changing climate”.

Ms Beale says Lloyd’s will “continue to support action to tackle climate change” next year.