Industry faces ‘unprecedented structural pressures’ to provide cover across sectors
Insurance cover will be crucial for more than half of the $19tn of investment already committed to financing the transition to net zero, putting “unprecedented structural pressures” on the sector, according to a new report.
Insurers already provide extra cover in a range of areas from hydrogen-powered and electric vehicles to offshore wind and hybrid building materials, and plan to expand into newer technologies. But there is also a pressure on insurance firms to be cautious about how much new risk they take in areas where there is a lack of historical data on losses. “The new energy technologies are pressing the envelope in terms of innovation, and therefore riskiness, and are harder to underwrite,” Rowan said.
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