Aviva expands offshore wind insurance offering

4C Offshore | Tom Russell
By: Tom Russell 17/01/2023 Aviva

London headquartered insurance company Aviva announced it is extending its renewable energy insurance offering into the offshore wind market.

Aviva is offering construction all-risks and operational risks cover in offshore wind as a follow market, focussing on large renewable energy clients and projects in the UK, US and Europe. The insurer will be supporting existing clients as they move into offshore wind with coverage aimed at wind farm developers, owners and operators.

The insurer – which has set a target of reaching Net Zero by 2040 – exited the London Market for insurance of standalone operational fossil fuel power generation in 2019 and now focusses on renewable energy. It is already a provider of insurance for renewable energy in the London Market.

Aviva stated its portfolio in renewable energy encompasses onshore wind, solar power, EV charging points and battery energy storage systems (BESS), and is now more than 200% of the size of the fossil fuel book it exited, covering enough renewable energy to offset 31.5 million tonnes of CO2 annually, the carbon equivalent of driving 96bn miles.

Adam Winslow, CEO of Aviva UK & Ireland General Insurance, said: “Aviva has a strong reputation as a lead insurer in onshore renewables and we know there is strong demand in offshore as we see this market rapidly evolve.

“Aviva has pledged to achieve Net Zero by 2040 and in November we set out our commitment to help support the UK to become the most climate-ready large economy by 2030. Supporting our growing renewable energy industry, both on and offshore, is a critical part of achieving that ambition.

“With more offshore wind projects coming on-stream all the time and many others in the planning, development and construction phases, this is a growth area and we look forward to bringing our expertise and experience to bear in this exciting space.”

As an investor, Aviva has been involved in offshore wind projects for a number of years. In 2018 it provided £400m of financing to help fund the construction of
Hornsea One, off the Yorkshire coast, which can power more than one million homes with green electricity.

More recent investments include
East Anglia One, off the Suffolk coast, which has capacity for powering more than 600,000 homes.

For more information on offshore wind farms worldwide, click here.