One we missed from last week, interesting to see how rapidly the renewable tech insurance sector is growing now. As IE has noted before, insurers and brokers have a golden opportunity ahead as governments across the developed world pour billions of taxpayers cash and pension contributions into greener, renewable and sustainable projects. All those utopian dreams need to be covered and in terms of risk, much of it is a clean sheet, there’s no historical data to set as a baseline.
Aviva’s renewable energy insurance business has grown to more than 150% of the size of the fossil fuel power generation book it exited in 2019. A strong presence in the onshore wind, solar power and battery storage markets has helped drive the success of this fast evolving business.
The insurer’s renewable energy insurance proposition now globally covers enough energy to offset the equivalent of 24.8 million tonnes of carbon dioxide annually. Aviva is also a UK market leader in insuring battery storage and is targeting a top three position as a renewable energy insurer in the London Market by the end of this year.
Launched in 2019, Aviva’s integrated package of renewable energy insurance is designed specifically to support a variety of clients in a complex and growing market. It provides commercial customers with a single package of insurance to cover the whole life cycle across marine project cargo, construction and operational, third party liability and terrorism cover.
A key part of Aviva’s renewables success has been the growth in battery storage cover, which enables the storage of electricity for future use on a utility scale, removing fluctuations or disruptions caused by weather or other conditions.
Aviva has invested in its renewable energy expertise, hiring an experienced underwriting team. Underpinning its growth is the increasing momentum as organisations and countries work towards their net-zero commitments.
A dedicated underwriting team has expanded both in knowledge and capability, with recent hires including industry-leading experts Dr Tariq Dawood from EDF in risk engineering, Melanie Carter from WTW and Caroline Reading from RSA, who are joined by Clare Such (internal appointment) in underwriting .