Aviva has launched an integrated package of insurance designed specifically to support large companies in the complex market of renewable energy, including onshore windfarms, solar power and battery storage.
Aviva Renewable Energy covers all the insurance needs of renewable energy companies globally which have operations in their home and overseas markets. Insurance is a key requirement for lenders in the renewables market. It provides Aviva’s commercial customers with a single package of insurance available through one underwriting team to cover the whole life cycle in the following areas:
- Marine project cargo
- Construction and operational
- Third party liability
- Terrorism cover
Designed for global renewable energy brokers and their commercial clients, Aviva Renewable Energy signals the insurer’s recognition of the specific needs of this growing market, and the important role renewable energy plays in the fight against climate change.
The launch of Aviva Renewable Energy is the latest initiative by the insurer to support action to tackle climate change following its role in July 2019 as a founding signatory to the Finance Principles of the Powering Past Coal Alliance Finance Principles.
Aviva was also the first global insurer to become carbon-neutral in 2006, while Aviva Investors has invested almost £5 billion in green assets on behalf of Aviva and external clients since 2015. This includes:
invested in low-carbon infrastructure, such as wind farms and solar panels.
invested in green bonds.
Aviva is already working with several clients in the renewable energy market from small, national providers to those with large, international portfolios; and has been establishing a specialist underwriting team, which includes Deputy Chief Underwriting Officer & Head of Speciality Matthew Gordon, Head of Renewable Energy & Engineering Victoria Kent and Renewable Energy Underwriting Manager Nick Evans.
Patrick Tiernan, Managing Director of Commercial Lines, said:
“At the start of 2019, Aviva UK exited the standalone operational fossil fuel power market as part of its commitment to help tackle climate change.
“We are now taking another important step in our commitment by launching a specialist renewable energy proposition providing insurance solutions for the full lifecycle of renewable energy risks worldwide.
"This is an exciting time for Aviva as we look to support the critical growth ambitions necessary in the renewable energy sector to reduce our reliance on fossil fuels.
“This is a small step in our sustainability journey as a commercial insurer. We are already working with our largest brokers and clients to ensure we can be their partner of choice as the UK economy prepares for carbon neutrality in 2050.”
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For further information about Further information about Aviva and climate change, please visit: https://www.aviva.com/social-purpose/environment/
Further information about Aviva and climate change:
- We have achieved a 60% reduction globally in our carbon emissions since 2010 and continue to work towards our ambitious long-term target of a 70% reduction by 2030.
- 60% of energy used by our global operations is from renewable resources (2018).
- Across the UK, more than 400 employees have signed up to the car share programme and there are 180 active car sharing groups. We have also introduced twenty electric vehicle charging points at eight UK locations and moved 30% of our car fleet to hybrid. In the past year, this has helped save over 4 tonnes of CO2e emissions.
- Aviva Norwich Horizon offices has a solar PV carport system, the ‘first of its kind’ in the UK and will make Horizon energy self-sufficient when the sun shines. September saw the start of construction of the next solar carport at our Perth office.
- Aviva’s operations worldwide are now single-use plastic free in respect of catering and vending services, except for Italy which will transition by the end of the year.
- Responsible investments:
- Aviva holds nearly £1.3 billion in green bonds to support the transition to a low-carbon economy.
- Using our vote, Aviva Investors was the first asset manager to publicly say it will vote against businesses that do not report in line with the TCFD climate change recommendations.
- We divest from highly carbon-intensive fossil fuel companies where we consider they are not making sufficient progress towards the engagement goals we set them.
- To date, we have divested Aviva’s own assets from 19 thermal coal mining and power generation companies from the Coal 40.
- We believe it is better to be an engaged owner lobbying for change rather than divesting and walking away as these are the companies in need of the greatest challenge from their shareholders.
- We have signed up to the Powering Past Coal Alliance Finance Principles to not support thermal coal power investments and underwriting by 2030.
- In September 2018, we launched the World Benchmarking Alliance (WBA) as a founding partner with the Index Initiative and the United Nations (UN) Foundation at the UN General Assembly.
- Publishing free and transparent benchmarks ranking companies on contributions towards achieving the UN Sustainable Development Goals (SDGs).
- We offer 25 ‘green’ products to customers. For example, in France, motor insurance customers receive a discount if they have a season ticket for public transport.
- Aviva France is most advanced in its ESG labelled funds and products - using various SDGs as a focus. The UK has the Stewardship range which has £4bn assets under allocation.
- Aviva Investors launched their Climate Transition fund in August.
- Aviva Life offers a range of ESG/SRI funds over its various investment platforms (approx. 55).
- In July we began offering the AI Stewardship funds as an ESG default option for workplace pension schemes. In October we are launching two more based on a passive fund with an ESG tilt, and another with an ESG tilt and some active ESG managed holdings.
- 25% of Wealthify’s new customers opt for their ethical offering (it has been running for 18 months).
- Aviva’s 2018 Taskforce on Climate-related Financial Disclosure report - ‘set a high benchmark’ in climate risk disclosure, this led to Aviva being invited to join the PRA/FCA’s Climate Finance Risk Forum. Angela Darlington, Patrick Tiernan and Ben Carr are representing Aviva.
Notes to editors:
- We are the UK’s leading Insurance, Wealth & Retirement business and we operate in the UK, Ireland and Canada. We also have international investments in India, China and Singapore.
- We help our 18.7 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
- We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2022, we paid £23.2 billion in claims and benefits to our customers.
- In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. We are aiming to have a cut of 25% in the carbon intensity of our investments by 2025 and of 60% by 2030; and Net Zero carbon emissions from our own operations and supply chain by 2030. While we are working towards our sustainability ambitions, we acknowledge that we have relationships with businesses and existing assets that may be associated with significant emissions. Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition and action at www.aviva.com/sustainability
- Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
- As at 30 June 2023, total Group assets under management at Aviva Group were £358 billion and our estimated Solvency II shareholder capital surplus as at 30 September 2023 was £7.6 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
- For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us
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