Zurich Insurance coverage Group and Aon have joined forces to launch a clear power insurance coverage answer to expedite the event of fresh hydrogen tasks.
The brand new facility will cater to international blue and inexperienced hydrogen tasks, providing protection for capex of as much as $250m.
Zurich is serving because the lead insurer whereas Aon is the unique dealer within the partnership.
Forward of this launch, Zurich and Aon invested two years in conducting analysis and buyer consultations to grasp the distinct necessities and obstacles confronted by blue and inexperienced hydrogen initiatives.
Blue hydrogen is produced from pure gasoline with carbon seize expertise to minimise emissions, whereas inexperienced hydrogen is generated via electrolysis utilizing renewable power.
The multi-line insurance coverage providing from this partnership consolidates numerous protection points right into a single built-in coverage.
Entry essentially the most complete Firm Profiles
in the marketplace, powered by GlobalData. Save hours of analysis. Acquire aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain e-mail will arrive shortly
We’re assured in regards to the
distinctive
high quality of our Firm Profiles. Nonetheless, we would like you to take advantage of
helpful
choice for your small business, so we provide a free pattern that you could obtain by
submitting the under kind
By GlobalData
This consists of building, delay in start-up, operational cowl, enterprise interruption, marine cargo limits and third-party legal responsibility.
It additionally encompasses carbon seize, utilisation and storage applied sciences, providing a holistic insurance coverage answer for the hydrogen manufacturing worth chain.
Zurich stated that the brand new facility has been oversubscribed by collaborating insurance coverage corporations.
Zurich CEO of business insurance coverage Sierra Signorelli stated: “Insurance coverage is a key enabler to facilitate the net-zero transition, offering safety in addition to threat experience.
“Clear hydrogen has immense potential as an eco-friendly various to fossil fuels and we strongly consider it might play a crucial position within the power transition. We’re proud to carry this ground-breaking initiative to the market along with Aon.”
Aon international CEO of business threat Joseph Peiser stated: “Many builders and their capital suppliers have discovered it difficult to de-risk and safe sufficient insurance coverage protection for the varied phases of world hydrogen tasks.
“This new answer caters to their distinctive wants, offering complete protection addressing the complicated dangers related to hydrogen tasks throughout the complete undertaking life cycle.”
Final week Zurich introduced the acquisition of AIG’s international private journey insurance coverage and help operations for $600m (SFr542.68m).
