Zurich Insurance Group and Aon have joined forces to launch a clean energy insurance solution to expedite the development of clean hydrogen projects.
The new facility will cater to global blue and green hydrogen projects, offering coverage for capex of up to $250m.
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Zurich is serving as the lead insurer while Aon is the exclusive broker in the partnership.
Ahead of this launch, Zurich and Aon invested two years in conducting research and customer consultations to understand the distinct requirements and obstacles faced by blue and green hydrogen initiatives.
Blue hydrogen is produced from natural gas with carbon capture technology to minimise emissions, whereas green hydrogen is generated through electrolysis using renewable energy.
The multi-line insurance offering from this partnership consolidates various coverage aspects into a single integrated policy.
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By GlobalDataThis includes construction, delay in start-up, operational cover, business interruption, marine cargo limits and third-party liability.
It also encompasses carbon capture, utilisation and storage technologies, offering a holistic insurance solution for the hydrogen production value chain.
Zurich said that the new facility has been oversubscribed by participating insurance companies.
Zurich CEO of commercial insurance Sierra Signorelli said: “Insurance is a key enabler to facilitate the net-zero transition, providing protection as well as risk expertise.
“Clean hydrogen has immense potential as an eco-friendly alternative to fossil fuels and we strongly believe it can play a critical role in the energy transition. We are proud to bring this ground-breaking initiative to the market together with Aon.”
Aon global CEO of commercial risk Joseph Peiser said: “Many developers and their capital providers have found it challenging to de-risk and secure adequate insurance coverage for the various phases of global hydrogen projects.
“This new solution caters to their unique needs, providing comprehensive coverage addressing the complex risks associated with hydrogen projects across the entire project life cycle.”
Last week Zurich announced the acquisition of AIG’s global personal travel insurance and assistance operations for $600m (SFr542.68m).
