"We’re proud to bring this ground-breaking initiative to the market together with Aon."
- Sierra Signorelli, CEO of Commercial Insurance at Zurich
This initiative with Zurich as the lead insurer and Aon as the exclusive broker, aims to accelerate the development of clean hydrogen projects. It also forms part of Zurich’s commitment to support the net-zero transition through customer engagement, new services, and product innovation.
Zurich & Aon’s clean energy insurance facility offers comprehensive coverage through a single integrated policy, including construction, delay in start-up, operational cover, business interruption, marine cargo limits, and third-party liability. It also includes coverage for carbon capture, utilization, and storage (CCUS) technologies, offering customers a full suite of solutions across the entire value chain of hydrogen production.
The facility is reportedly oversubscribed by participating insurers, significantly exceeding expectations. Zurich & Aon believe this demonstrates the market’s appetite for sustainable solutions and the insurance industry’s willingness to provide coverage for new risks.
“Insurance is a key enabler to facilitate the net-zero transition, providing protection as well as risk expertise. Clean hydrogen has immense potential as an eco-friendly alternative to fossil fuels and we strongly believe it can play a critical role in the energy transition,” explained Sierra Signorelli, CEO of Commercial Insurance at Zurich.
Joseph Peiser, Global CEO of Commercial Risk at Aon, agreed “Many developers and their capital providers have found it challenging to de-risk and secure adequate insurance coverage for the various phases of global hydrogen projects.
“This new solution caters to their unique needs, providing comprehensive coverage addressing the complex risks associated with hydrogen projects across the entire project life cycle,” he concluded.
