Aviva is targeting a three position as a renewable energy insurer in the London market by end of 2022.
Aviva is a multinational insurance company which has revealed that renewable energy insurance business has grown more then 150% in fossil fuel power generation book in 2019. The insurance proposition is now globally cover enough energy to offset of 24.8 million tonnes of carbon dioxide annually. A strong of onshore wind, solar power and battery storage helps to drive the success. They are also targeting top three position as renewable energy insurer in London market by the year end.
Supporting customers with renewable energy insurance
Aviva is integrating package of renewable energy insurance is designed to support various clients in a complex market this was launched in 2019. This helps customers with single package of insurance to cover within life cycle with marine project cargo, construction and operational and third party liability.
Nick Major the MD of Aviva said, “Since launching our renewable energy portfolio we have seen strong, consistent growth. This has been driven by a number of factors including the natural growth of renewables as countries work towards achieving net-zero in 2050 – particularly in the US.”
Moving away from carbon – intensive industries
The growth in the company into renewable portfolio follow the decision to insure firm directly which is involved in operational fossil fuel power generation Aviva’s ESG underline statement, that specifies the risk which is no longer insure:
- The construction of coal-fired power stations
- The construction or operation of thermal coal mines
- Power generation risks that generate power from coal
- Any new fossil fuel mining or extraction projects
- Companies where more than 5% of their revenues are directly generated from extracting fossil fuels
- Offshore oil and gas rigs and platforms
“COP26 has refocused us all on the importance of living and working more sustainably. Renewable is a highly specialised market place so we have brought together the expertise to the match.” said Major.