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Lloyd’s syndicate launches green incentive initiative

25th April 2022 - Author: Katie Baker

Syndicate 2525, the specialist third party and employers’ liability insurer at Lloyd’s, is offering its panel adjusters a ‘fee bonus’ when a site visit is undertaken in an entirely electric vehicle.

Lloyd'sThe bonus, which is a flat amount, boosts the on-site investigation fee by more than 25% for lower value, higher volume claims.

Over its entire lifetime, a battery electric car emits 66% fewer greenhouse gas emissions than a petrol car, and around 60% fewer than a diesel car.

In addition to this, electric vehicles emit zero tailpipe air pollutants such as nitrogen dioxide, helping to improve both local and national air quality.

Rob Turner, syndicate claims director at 2525, said: “We have been considering ways of reducing the carbon footprint caused by claim investigations in the UK.

“Hundreds of thousands of miles will be travelled each year in adjuster site visits on our behalf and we happened upon the idea of giving our panel loss adjusters a fee bonus where they are able to undertake these visits in entirely electric vehicles.

“Whilst we do not know what arrangements our adjusting companies will have in place for providing their workforce with cars for business use, we hope this initiative will encourage more use of fully electric vehicles for business miles.

“Other insurers who, like Syndicate 2525, take their ESG responsibilities seriously, might follow this example to help reduce the many millions of miles driven by adjusters in petrol or diesel cars on behalf UK insurers.”

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