Aviva pushes into insuring offshore wind and ‘hybrid’ buildings
Aviva has begun insuring offshore wind projects and is running a pilot for covering sustainable building materials such as engineered timber, as the FTSE 100 insurer reshapes its underwriting book to meet its climate ambitions.
The insurance group, which stopped insuring fossil-fuel power generation projects four years ago, has been building up its renewable energy insurance book in areas such as onshore wind, solar and battery storage — aiming to be the number one insurer of renewable energy by 2027. Last year, it started providing coverage to electric vehicle charging points.
Adam Winslow, head of Aviva’s general insurance business in the UK and Ireland, said individuals, companies and countries “all have to play their role” in the transition to a climate-friendly economy.
Like other diversified insurance groups, Aviva has already funnelled investor money into renewable projects through its asset management arm. Last year, the FT revealed that the insurer was also exploring investing its own balance-sheet capital in climate-friendly projects.
This story originally appeared on: Financial Times - Author:Ian Smith
