Some examples of Lloyd's market product innovation
Evaluate the risks associated with new technologies for tackling climate change so that new insurance products can be considered in parallel with technological developments.
Lloyd’s Corporation is not able to develop new products itself but will assist the Lloyd’s market wherever it can.
The market is already providing cover for a number of low carbon technologies for example:
- Lloyd’s insurer Ascot Underwriting has established a renewable energy operation Renewco. Based in London, Renewco will offer onshore and offshore coverage for power generation facilities in the solar, wave, tidal, wind, biomass, geothermal and small hydroelectric fields.
- GCube the insurance entity spun out of Lloyd’s managing general agency WindPro, has opened its doors to business on both sides of the Atlantic., Risks bound in both the UK and the US will be underwritten into a consortium of 13 Lloyd’s syndicates. Cover is available for a range of onshore and offshore renewable energy projects – wind power, biofuels, hydroelectric power, solar power, wave and tidal energy.
- Lloyd's broker Alexander Forbes places risks at Lloyd's relating to "Waste to energy" insurance. Waste to energy plants are a source of renewable energy; they burn household and industrial waste to give off gas and generate electricity. Lloyd’s accounts for about one-third of the waste to energy insurance market. This is discussed in more detail in our climate change report "what next on climate change".
Download 'What next on climate change (1MB, pdf)
- Ecoinsurances, the wholly-owned subsidiary of Lloyd’s broker the Chesterfield Group, specialises in providing tailored insurance solutions for the renewable energy industry. The company offers construction, transit insurance, operational insurance and associated loss of profits for wind farm constructors, wind farm operators and the geothermal industry. The business also provides consultancy to potential investors in green energy initiatives. Read more about this in issue four of the market magazine (980KB, pdf)
Last updated on 06 May 2009
