Renewables: Our New Offshore Wind Cover
As part of our sustainability commitments to extend our renewable energy business, Aviva UK is now insuring risks in the growing offshore wind market. This supports the UK’s move towards renewable energy, with activity totally 108GW1 projected for the UK and Europe by 2030, with seven new projects planned for the UK alone during 20232.
We’re the first worldwide insurer to set a target of reaching Net Zero by 20403 and we stopped insuring fossil fuel power generation projects in 2019, to focus on renewable energy. This approach supports the UK’s transition to becoming climate-ready.
What does our renewables offering include?
Our renewables portfolio now encompasses onshore wind, solar power and battery energy storage systems (BESS). We offer construction all-risks and operational risks cover in offshore wind as a follow market, focussing on large renewable energy clients in the UK, US and Europe, working with experienced brokers and following recognised leaders.
Our stand alone policy for Battery Electric Storage Systems (BESS)
We’ve also launched our own stand-alone policy wording for battery electric storage systems (BESS). Batteries allow electricity from intermittent renewable energy sources, such as solar or wind, to be stored and then released as needed and have a major role to play in the economy’s transition from fossil fuels to renewables.
Adam Winslow, CEO of Aviva UK & Ireland General Insurance, said:
“Aviva has a strong reputation as a lead insurer in onshore renewables and we know there is strong demand in offshore as we see this market rapidly evolve.
Aviva has pledged to achieve Net Zero by 2040 and in November we set out our commitment to help support the UK become the most climate-ready large economy by 20304. Supporting our growing renewable energy industry, both on and offshore, is a critical part of achieving that ambition.
With more offshore wind projects coming on-stream all the time and many others in the planning, development and construction phases, this is a growth area and we look forward to bringing our expertise and experience to bear in this exciting new space.”
During this time of growth in the renewables sector, we’ll be looking to expand our underwiting and risk management teams further to support our renewables proposition. We’ll be supporting existing clients as they move into offshore wind with coverage aimed at windfarm developers, owners and operators.
If you or your renewable energy clients have any questions, please get in touch with your usual Aviva contact.
1 Global Wind Energy Council, 2022 Offshore Report
2 The Crown Estate, Offshore Wind Projects
3 While we are working towards our sustainability ambitions, we acknowledge that we have relationships with businesses and existing assets that may be associated with significant emissions. More information can be found at https://www.aviva.com/sustainability/climate/
4 In November, Aviva published its Climate-Ready Index to provide a simple measure of how influential countries (G7 and Ireland) are progressing on vital climate mitigation, resilience and adaptation actions.