’Insurers are developing new products and services to cater to this evolving landscape,’ says insurance analyst
The insurance industry is seeing an increase in patents for clean energy insurance and carbon capture.
That was according to GlobalData, which said the move indicated a shift towards supporting sustainable energy initiatives.
Its Patent Analytics database, published yesterday (17 July 2024), revealed patents for clean energy insurance increased from 1,537 in 2014 to 3,004 in 2023.
And patents for carbon capture increased from 2,009 to 5,143 during the same period.
Guillaume Anns, insurance analyst at GlobalData, said: “The surge in patents for clean energy insurance and carbon capture within the insurance industry reflects a strategic focus on supporting sustainable energy initiatives.
“As countries aim to achieve their net zero commitments, insurers are developing new products and services to cater to this evolving landscape.”
Partnership
An example of this trend is the partnership between Zurich and Aon to create a clean energy insurance facility for hydrogen projects.
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The initiative aims to accelerate the development of clean hydrogen projects.
Anns added: “The involvement of key players like Zurich and Aon emphasises the critical role of risk management and financial protection in advancing clean energy projects.
“By offering comprehensive coverage for blue and green hydrogen projects, as well as carbon capture utilisation and storage technologies, the facility addresses the complex risks associated with these initiatives, providing developers and investors with the confidence needed to pursue such ventures.”
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