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From the moment Jean-Baptiste Fourier, a French mathematician and physicist, proposed the idea that the Earth’s atmosphere could retain heat, the future of the planet that we call home, has been called into question.
Since the 1970s, global warming has dominated scientific research, but political action on the issue was slow to follow, with the first United Nations climate change legislation coming into force as recently as 1994.
Insurance has always been a key facilitator of societal change. By providing protection against otherwise unforeseen risks, the industry has allowed the world to take brave leaps into the future.
The transition to net zero is no different.
From providing financial protection against increasingly complex climate-related risks, such as hurricanes, earthquakes, and floods, to enabling the development of innovative renewable energy projects by providing cover for more evolving risk such as severe convective storms, insurance equips businesses with an essential safety net to support global progress towards a more sustainable world.
The transition to clean energy is accelerating, with the International Energy Agency forecasting that by 2026, nearly half of the world's electricity will come from low emission sources, a significant uptick from just under 40% in 2023. This shift towards greener solutions such as solar, wind, and battery storage, is set to create a substantial surge in demand for insurance products that support the transition to renewable energy.
Tokio Marine HCC (“TMHCC”), based in Houston, Texas, has been a stalwart supporter of renewable energy development for over three decades, recognizing early on the critical role insurance companies play in fostering the growth of sustainable energy solutions. In 2020, TMHCC took a decisive step to solidify its leadership in the renewables market, through the strategic acquisition of GCube Insurance, a specialist underwriter of renewable energy insurance products.
This brought together GCube's unparalleled expertise in renewables, with the extensive global network and financial strength of the Tokio Marine Group.
GCube, which has been exclusively focused on renewable energy since 1997, boasts substantial underwriting capacity of up to $300 million for many different types of renewable energy projects, which has, and continues, to enable the company to provide coverage to a wide range of vital carbon neutral initiatives around the world.
Operating across 40 territories, GCube has insured over 100 gigawatts of renewable energy assets and, with over $1 billion in claims paid out, has proven its commitment to supporting clients striving to create a greener future.
As the demand for renewable energy solutions and the transition of industries towards greener practices continues to gain momentum, TMHCC is well-positioned to provide the holistic support businesses need to continue to progress on their sustainability journey.
As part of one of the largest insurance groups in the world, TMHCC has a key role to play in driving the global transition towards more sustainable practices. We offer risk management solutions that give businesses the confidence to invest in renewable technologies, so whether it’s construction and operational risk, liability, credit and surety, or a range of other exposures, we’re on hand to provide cover.
Whether you’re an SME taking steps to address your scope 1 and 2 emissions, a global enterprise launching major infrastructure change, or anything in between, get in touch with our team of industry leading experts to see how we can help you make a difference.
