SCOR launches new energy practice to accelerate transition
European reinsurance heavyweight SCOR has launched a dedicated new energy practice within specialty insurance, in an effort to accelerate its energy transition through underwriting and investment policies.
SCOR is a longstanding member of the United Nations Global Compact and a founding signatory of the Principles for Sustainable Insurance. The Group joined the Climate Transition Pathway accreditation framework in 2021.
The company said it has implemented sustainable underwriting commitments on gas, Arctic oil & gas, oil sands and coal announced at its May AGM, and has set additional sustainability targets as part of its new Forward 2026 strategic plan.
These include multiplying insurance and facultative reinsurance cover for low carbon energy by 3.5 by 2030, and, over the next three years, engaging with clients representing at least 30% of SCOR Specialty Insurance Single Risk premium regarding their ESG commitments and transition strategy.
SCOR said the new energy practice is designed to become a “one-stop-shop for the ongoing energy transition needs of existing and potential clients throughout the world”. The unit incorporates a broad spectrum of SCOR’s integrated insurance products and customised risk management solutions, providing protection for a wide range of low carbon technologies and ventures. These include offshore and onshore wind farms, solar farms, interconnectors, hydrogen, carbon capture, biofuels, and batteries.
The new practice leverages the local know-how and global reach of the group’s underwriting, risk engineering and claims experts across multiple lines of business, with a focus on creating long-term partnerships.
“SCOR understands the unique requirements of clients in the new energy field, including the need for financial security and risk mitigation throughout the life cycle of a project. By providing end-to-end coverage – from project financing, original equipment manufacturing and credit risk transfer to project construction, operation, and decommissioning – the New Energy Practice ensures that the Group’s clients are protected at every stage of their energy transition journey,” the group said in a statement.
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