Aviva launches specialised insurance for renewable energy
British multinational insurance company Aviva has launched an integrated package of insurance designed specifically to support large companies in the complex market of renewable energy, including onshore windfarms, solar power and battery storage.
Aviva Renewable Energy covers all the insurance needs of renewable energy companies globally that have operations in their home and overseas markets. It provides Aviva’s commercial customers with a single package of insurance available through one underwriting team to cover the whole life cycle in marine project cargo, construction and operational, third party liability and terrorism cover.
Designed for global renewable energy brokers and their commercial clients, Aviva Renewable Energy signals the insurer’s recognition of the specific needs of this growing market, and the important role renewable energy plays in the fight against climate change.
The launch of Aviva Renewable Energy is the latest initiative by the insurer to support action to tackle climate change following its role in July 2019 as a founding signatory to the Finance Principles of the Powering Past Coal Alliance Finance Principles.
Aviva was also the first global insurer to become carbon-neutral in 2006, while Aviva Investors has invested almost £5 billion ($6.5 billion) in green assets on behalf of Aviva and external clients since 2015. This includes £3.1billion invested in low-carbon infrastructure, such as wind farms and solar panels, and £1.7 billion invested in green bonds.
Aviva is already working with several clients in the renewable energy market from small, national providers to those with large, international portfolios, and has been establishing a specialist underwriting team, which includes deputy chief underwriting officer and head of speciality Matthew Gordon, head of renewable energy and engineering Victoria Kent and renewable energy underwriting manager Nick Evans.
Patrick Tiernan, managing director of commercial lines, said: “At the start of 2019, Aviva UK exited the standalone operational fossil fuel power market as part of its commitment to help tackle climate change.
“We are now taking another important step in our commitment by launching a specialist renewable energy proposition providing insurance solutions for the full lifecycle of renewable energy risks worldwide.
"This is an exciting time for Aviva as we look to support the critical growth ambitions necessary in the renewable energy sector to reduce our reliance on fossil fuels.
“This is a small step in our sustainability journey as a commercial insurer. We are already working with our largest brokers and clients to ensure we can be their partner of choice as the UK economy prepares for carbon neutrality in 2050.”
