Howden Re’s Winner at Lloyd’s Lab for Carbon Insurance

Recently, Ahmed Al Mubarak, Associate Director for Business Intelligence and Data Science, received the “Best Insurance Concept Award for 2024” in Lloyd’s Lab’s Carbon Insurance Programme. Alongside his team, which included representatives from Travellers, Aspen, and Lloyd’s, Ahmed designed a novel Carbon Insurance concept as part of the 10-week programme.

Their award-winning product, “Carbon-Disclosure Reputation Risk Cover” was created to mitigate the reputational risks associated with sustainability disclosures. This product provides crucial coverage for loss of carbon credits and helps companies manage reputational damage through immediate crisis response and indemnification for profit lost due to reputational impacts.

The product was pitched to a panel of experts at Lloyd’s, where the team successfully highlighted its potential to fill a significant gap in the market, particularly for businesses engaged in sustainability practices who face risks including unintentional “greenwashing” and regulatory compliance pressures.

David Flandro, Head of Industry Analysis and Strategic Advisory, Howden Re, commented “Ahmed’s pioneering efforts in developing the ‘Carbon-Disclosure Reputation Risk Cover’ reflect not only his deep expertise in the (re)insurance field but also his commitment to addressing critical global challenges. This accomplishment is a significant milestone for our team at Howden and highlights our dedication to driving industry innovation.”

Michelle To, Head of Business Intelligence, Howden Re, added, “Ahmed’s leadership in creating a novel insurance concept for carbon disclosure risks demonstrates his ability to anticipate and address emerging market needs. We are thrilled to see his hard work and vision recognised, and we look forward to further breakthroughs under his guidance.”

Lloyd’s Lab was set up in 2018 to drive innovation in insurance and foster ideas which support the market’s shared goal of sharing risk to create a braver world. Ahmed, in collaboration with his industry peers and teammates, is currently exploring ways to bring this strategy to market, meeting the needs of a rapidly evolving industry landscape.