Aviva enters growing offshore wind insurance market
UK insurer Aviva has extended its renewable energy insurance offering into the growing offshore wind market, citing its commitment to sustainability and ambition to become the number 1 insurer of renewable energy in the UK by 2027.
The move comes as 108GW of new offshore wind projects are proposed for the UK and Europe by 2030, with seven new projects slated for the UK alone during 2023, Aviva explained in a statement.
Aviva’s portfolio in renewable energy encompasses onshore wind, solar power, EV charging points and battery energy storage systems (BESS), and is now more than 200% of the size of the fossil fuel book it exited in 2019.
It is offering construction all-risks and operational risks cover in offshore wind as a follow market, focussing on large renewable energy clients and projects in the UK, US and Europe, working with experienced brokers and leaders.
The insurer has further strengthened its position in renewables by launching its own stand-alone policy wording for battery electric storage systems (BESS), as well as launching an Electric Vehicle Charging Point proposition.
Aviva is also looking to expand its underwriting and risk management team in support of its renewables proposition.
Adam Winslow, CEO of Aviva UK & Ireland General Insurance, said: “Aviva has a strong reputation as a lead insurer in onshore renewables and we know there is strong demand in offshore as we see this market rapidly evolve.
“Aviva has pledged to achieve Net Zero by 2040 and in November we set out our commitment to help support the UK to become the most climate-ready large economy by 20302. Supporting our growing renewable energy industry, both on and offshore, is a critical part of achieving that ambition.
“With more offshore wind projects coming on-stream all the time and many others in the planning, development and construction phases, this is a growth area and we look forward to bringing our expertise and experience to bear in this exciting space.”
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