Two of the insurance industry’s biggest companies, insurer Zurich and broker Aon, have created a new insurance scheme for hydrogen production to boost the development of a sector viewed as vital for the transition to clean energy.
The platform will bring together a number of insurers, led by Zurich, to underwrite smaller individual projects of up to $250mn in capital expenditure that would otherwise struggle to find insurance. The projects will be offered a range of cover from construction to operational risks.
The development comes at a time of growing concern about whether there is enough capacity in the insurance industry to provide the trillions of dollars of cover that will be required for green energy projects.
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