It is the latest initiative from the insurer to tackle climate change
Aviva has introduced an insurance packaged aimed at global energy brokers and their commercial clients.
Named ’Aviva Renewable Energy’ the product spans coverage for marine project cargo, construction and operational, third-party liability and terrorism cover.
In its latest initiative the insurer supports action to tackle climate change following its role in July 2019 as a founding signatory to the Finance Principles of the Powering Past Coal Alliance Finance Principles (PPCA). This is a global alliance of national and sub-national governments, businesses and organisations working to advance the transition away from unabated (ie: the use of coal without technologies to substantially reduce CO2 emissions) coal power generation.
The insurer claims it signals its recognitions of the specific needs of the growing market as well as the important role played by renewable energy in the battle against climate change.
Meanwhile Aviva has been establishing a specialist underwriting team, this include deputy chief underwriting officer and head of speciality Matthew Gordon, head of renewable energy and engineering Victoria Kent, as well as renewable energy underwriting manager Nick Evans.
It follows climate activists – Extinction Rebellion protesting in October by targeting insurers and brokers at the Walkie Talkie building, bringing to light the role that the insurance sector plays in the support of fossil fuel and its negative effect on the global climate.
The insurer’s commercial lines managing director Patrick Tiernan explained: “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.”
He said that Aviva is now taking another step in its commitment by launching this specialist product.
“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,” Tiernan added.
Aviva was the first global insurer to become carbon-neutral in 2006.
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