Zurich Insurance Group and Aon Launch Clean Energy Insurance Facility for Hydrogen Projects
Key Ideas
  • Zurich Insurance Group and Aon partner to provide global coverage for blue and green hydrogen projects, aiming to accelerate clean energy development.
  • The new clean energy insurance facility offers comprehensive coverage for hydrogen projects, including construction, operational, and liability risks.
  • The initiative addresses the challenge of securing adequate insurance for hydrogen projects, catering to the unique needs of developers and capital providers.
  • Participating insurers have shown strong interest in the facility, indicating market demand for sustainable solutions in the energy sector.
Zurich Insurance Group and Aon have collaborated to introduce a clean energy insurance facility specifically designed to support blue and green hydrogen projects globally. This groundbreaking initiative, led by Zurich as the insurer and Aon as the broker, aims to facilitate the development of clean hydrogen projects to play a pivotal role in the energy transition. The partnership offers a single integrated policy that covers various aspects of hydrogen projects, such as construction, delay in start-up, operational risks, business interruption, and third-party liability. Additionally, the facility extends its coverage to include carbon capture, utilisation, and storage (CCUS) technologies, providing a holistic risk management approach across the hydrogen production value chain. Both companies have conducted thorough research and engaged with customers to understand the challenges faced by developers and investors in the hydrogen sector. The solution presented by this insurance facility addresses the complex risks associated with hydrogen projects throughout their life cycles, offering a tailored approach to meet the needs of the industry. The strong market demand for sustainable solutions is evidenced by the oversubscription of the facility by participating insurers, reflecting the readiness of the insurance industry to embrace and cover new risks associated with clean energy projects.
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