October 9th 2023
Today, the London Market Group launched its report into the role that insurance plays in helping to unlock the potential of net zero projects. Aimed at parliamentarians and other influencers, it aims to showcase the role of the London Market in unlocking, promoting and facilitating the transition to net zero.
Sean McGovern, chair of the LMG and CEO of AXA XL, UK & Lloyd’s, commented:
“The transition to a net zero world will affect our clients’ business models, product needs and risk characteristics. While people often talk about green finance as the main driver of these projects, insurance is a crucial but often overlooked partner.
“In this report, we break down the challenges faced by investors, developers, and other stakeholders across the lifecycle of any such green project to illustrate where and how insurance can be used to alleviate them – from the conception of an idea, securing financing, construction, operations and, where necessary dismantling or re-purposing.
“Insurance isn’t merely an occasional player; it is a dedicated partner. These endeavours require consistent and multi-faceted support and, with its vast expertise in managing risks across diverse sectors, the insurance industry is well-positioned to foster confidence in green projects throughout their lifespan”.
The report was written by Oxbow Partners, drawing on interviews with a broad representative group within the London Market – including brokers, syndicates and company market insurers – to gain their insights, perspectives, and case studies of how insurance has supported projects across each stage of the lifecycle. Whether through specialised versions of traditional insurance products or innovative solutions to tackle new complex risks, the London Market has shown it can use its scale, expertise, and history of innovation to help unlock the vision for a sustainable future.
Contacts
- Will White Omnia Partners 07771 555247
