Insurance group Aviva has targeted the renewable energy industry with a new range of insurance products saying it is a recognition of the growing importance of the sector.
The company said it has unveiled 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”.
The package which is entitled Aviva Renewable Energy will offer cover for renewable energy companies globally which have operations in their home and overseas markets.
It aims to provide Aviva’s commercial customers with a single package of insurance available through one underwriting team to cover the whole life cycle in areas such as marine project cargo, construction, third party liability, and terrorism, cover.
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.”
Aviva added: “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.”
In July this year Aviva became a founding signatory to the Finance Principles of the Powering Past Coal Alliance Finance Principles. It was also the first global insurer to become carbon-neutral in 2006, while Aviva Investors has invested almost £5 billion in green assets on behalf of Aviva and external clients since 2015. This includes:
“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,” it added.