LONDON, Oct 9 Reuters The Lloyd39;s of London SOLYD.UL market is undermining climate action and should impose binding rules to prevent insurers supporting fossil fuel expansion, NGO Reclaim Finance said on Wednesday.

Some European insurers, including Generali and Zurich, have imposed restrictions on underwriting for fossil fuel projects in response to pressure from investors and campaigners.

But Reclaim Finance said Lloyd39;s of London was a laggard in that it left decisions on whether to underwrite activities in heavyemitting sectors to its syndicate members.

Only five of Lloyd39;s 51 members, or managing agents, have policies restricting cover for new oil and gas fields, Reclaim Finance said.

If the Lloyd39;s market wants to be taken seriously as a leading player in the transition, its managing agents need policies now, Ariel Le Bourdonnec, insurance campaigner at Reclaim Finance, said.

A spokesperson for Lloyd39;s pointed to the group39;s transition roadmap, a threeyear plan for supporting Lloyd39;s customers as they shift to lower carbon models and to help Lloyd39;s managing agents develop their sustainability strategies.

Lloyd39;s will continue to follow government policy and regulatory requirements globally, while remaining committed to support an urgent and orderly just transition and remain agile in response to external shocks, the emailed statement said.

Lloyd39;s did not comment further on Reclaim Finance39;s report.

Lloyd39;s CEO John Neal told…