Vermost Insurance Agency’s Post

New research from Howden and Boston Consulting Group has found that at least $10 trillion of insurance coverage will be needed to reach net zero, including cover for huge infrastructure projects such as offshore wind, solar farms, and the insulation of existing housing stock. While demand for energy transition-related coverage is high (and increasing), the protection gap still remains. It's imperative that the insurance industry invests in novel solutions that promote and increase the adoption of energy transition technologies, and increases investment in R&D that expands affordability and accessibility. #InnSure #insurance #insuranceindustry #insurancesolutions #netzero #energytransition #protectiongap #researchanddevelopment

𝗧𝗵𝗲 𝗴𝗿𝗲𝗮𝘁 𝘂𝗻𝗱𝗲𝗿𝘄𝗿𝗶𝘁𝗶𝗻𝗴 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲: 𝗜𝗻𝘀𝘂𝗿𝗲𝗿𝘀 𝗳𝗮𝗰𝗶𝗻𝗴 ‘𝘂𝗻𝗽𝗿𝗲𝗰𝗲𝗱𝗲𝗻𝘁𝗲𝗱’ 𝗽𝗿𝗲𝘀𝘀𝘂𝗿𝗲 𝗮𝗺𝗶𝗱 $𝟭𝟬𝘁𝗿𝗻 𝗰𝗼𝘃𝗲𝗿 𝗻𝗲𝗲𝗱𝗲𝗱 𝗳𝗼𝗿 𝗻𝗲𝘁 𝘇𝗲𝗿𝗼 Insurers will need to find at least $10trn cover in financing the transition to net zero, putting ‘unprecedented structural pressures’ on the sector, according to a new report. Energy, road transport and building sectors will all require more global capacity as they transform to meet a green-friendly world, the Financial Times reports. The report, from Howden and Boston Consulting Group (BCG), also highlights the need for insurance cover to meet renewable energy projects in solar and wind. Howden Climate team CEO Rowan Douglas labelled the report ‘a wake-up call’ for the sector. He said: “We are going to have to be having this energy transition globally, at pace and scale, all the same time.” The transformation will create a huge underwriting challenge for insurers. A lack of historic data will mean insurers potentially shying away from the certain risks. “The new energy technologies are pressing the envelope in terms of innovation, and therefore riskiness, and [so] are harder to underwrite,” Douglas said. “If there is going to be a shortage of capacity, it is likely that capacity will flow to areas that are more understood and more profitable.” The pace at which the global economy is moving to clean energy triggered requests from carriers to update AdvantageGo’s Exact exposure and portfolio management application. Exact for Renewables is our answer: a dedicated ‘out of the box’ renewables data model, designed to enable the recording of onshore and offshore wind farms, solar farms, wave and tidal plants, substations or any other structure or property related to a renewables policy. Clients can quickly and accurately populate their schedule data of insured items, through manual or automated lookups against industry databases.

The upstream energy insurance market is experiencing a softening trend, with improving terms on property insurance renewals in most subsectors of upstream energy, according to Gallagher. The midstream market has seen a tightening of policy terms and conditions, while the downstream market is softening with increased capacity. More 👉https://ow.ly/MVQX50TzVaT Gallagher #EnergyInsurance

The upstream energy insurance market is experiencing a softening trend, with improving terms on property insurance renewals in most subsectors of upstream energy, according to Gallagher. The midstream market has seen a tightening of policy terms and conditions, while the downstream market is softening with increased capacity. More 👉https://ow.ly/MVQX50TzVaT Gallagher #EnergyInsurance

The upstream energy insurance market is experiencing a softening trend, with improving terms on property insurance renewals in most subsectors of upstream energy, according to Gallagher. The midstream market has seen a tightening of policy terms and conditions, while the downstream market is softening with increased capacity. More 👉https://ow.ly/MVQX50TzVaT Gallagher #EnergyInsurance

The upstream energy insurance market is experiencing a softening trend, with improving terms on property insurance renewals in most subsectors of upstream energy, according to Gallagher. The midstream market has seen a tightening of policy terms and conditions, while the downstream market is softening with increased capacity. More 👉https://ow.ly/MVQX50TzVaT Gallagher #EnergyInsurance

The upstream energy insurance market is experiencing a softening trend, with improving terms on property insurance renewals in most subsectors of upstream energy, according to Gallagher. The midstream market has seen a tightening of policy terms and conditions, while the downstream market is softening with increased capacity. More 👉https://ow.ly/MVQX50TzVaT Gallagher #EnergyInsurance

As solar panel installations soar, insurance professionals must adapt. Discover the key trends, technology, and insurance implications in our white paper, "Solar Panels: Don’t Be Left in the Dark." Click below to learn how to download your copy. 📥 https://lnkd.in/eu6Pp9QR

The upstream energy insurance market is experiencing a softening trend, with improving terms on property insurance renewals in most subsectors of upstream energy, according to Gallagher. The midstream market has seen a tightening of policy terms and conditions, while the downstream market is softening with increased capacity. More 👉https://ow.ly/MVQX50TzVaT Gallagher #EnergyInsurance

The Ministry of New and Renewable Energy (MNRE) has released an updated list of insurers providing specialized insurance products tailored for #solarpowerplants.  Insurance Regulatory and Development Authority of India #solarenergy #renewableenergy #EnergeticaIndia