(Reuters) – The commercial insurance market Lloyd’s of London is encouraging members of its more than 100 syndicates to attend its annual general meeting next week online rather than in person, due to the threat of climate protests.
Since Lloyd’s sent out invitations to the Annual General Meeting on May 19, April 19, “the risk of disruption has increased significantly,” said Chairman Bruce Carnegie-Brown in a statement on the market’s website dated May 10.
“In order to ensure the safety and security of our members and to allow the meeting to continue in an orderly and fair manner, it is with regret that I must now strongly encourage all members attending the AGM to join virtually and not try to enter Lloyd̵7;s build on that day. “
Climate activist groups Extinction Rebellion and Mothers Rise Up have previously staged protests outside Lloyd’s of London in the City of London, particularly over the market’s underwriting of coal.
A spokesman for Extinction Rebellion said the group did not plan any action for Lloyd’s AGM.
“Instead of trying to hide from public outrage by moving its AGM online, Lloyd’s needs to be brave, take bold action and stop insuring morally risky projects,” Extinction Rebellion UK said in an email.
Mothers Rise Up said they did not plan any action at the AGM but met with Carnegie-Brown separately on May 17.
Lloyd’s, whose members insure large risks from ships to energy rigs, introduced its first climate strategy in 2020 and has asked the syndicate to stop offering new coverage for coal companies.
But activists say the policy does not go far enough, as it no longer requires insurance companies to pull out of coal.