Methane is one of the most harmful greenhouse gases (GHGs). Credit: Anne Nygård/Unsplash.

Property and casualty (P&C) insurance major Chubb has launched a new offering, called Chubb Methane Resource Hub.

Chubb’s new hub is a digital solution designed to provide information and insights to aid clients in measuring and mitigating methane emissions.

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The hub features a database of service providers that provide technology, data and consultancy to help businesses with their methane emissions reduction initiatives.

It also provides information on voluntary programmes and laws.

Methane, one of the most harmful GHGs, is released because of oil and gas production.

Chubb said the hub will help insured parties navigate its new underwriting requirements for oil and gas extraction projects.

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Announced in March 2023, the insurer’s new underwriting standards mandate the execution of evidence-based plans to manage methane emissions.

Chubb Methane Resource Hub is supported by the Environmental Defense Fund.

Chubb North America risk engineering services executive vice-president Keith Marks said: “Chubb is actively engaging with our clients to build external partnerships aimed at reducing GHG emissions while helping oil and gas producers adopt technologies to reduce methane extraction emissions.

“We have benefitted from the technical expertise and guidance provided by the Environmental Defense Fund (EDF), including working with us to evaluate best practices around methane in the oil and gas industry. We look forward to continuing to draw on their expertise as we evaluate emissions reduction opportunities in other high-emitting industries.”

EDF+Business senior vice-president Lea Borkenhagen said: “EDF is pleased to engage with Chubb in its efforts to encourage better methane management practices from its clients.

“We expect Chubb’s leadership to spur other insurance providers to take similar steps in this direction.”

Earlier this week, Chubb launched a new media insurance offering for customers in the UK.