Chubb Climate+
For many businesses in the UK and across the world, transitioning to a low carbon economy is an important strategic initiative. In early 2023 we launched Chubb Climate+, our dedicated climate-focused business unit. Chubb Climate+ draws on Chubb’s extensive underwriting and risk engineering experience to enable climate change progress around the world, both at an industry level and in local communities.
Matthew Hardy, leader of Chubb Climate+ for the company's general insurance operations in 51 countries and territories outside the U.S., Canada and Bermuda, says: “Our strategy is to support our clients as they transition towards net zero. With Chubb Climate+, we’re challenging what we do currently to bring about positive change.”
Jared Concannon, Head of Climate Tech for Chubb Overseas General, says: “The industry is fast-paced and evolving, and one of the things our clients are most excited about is that Chubb will be partnering with and supporting the acceleration of their climate businesses.”
Insurance experience, climate expertise
Chubb Climate+ has recently welcomed Tim Charters to the team as Climate Tech Industry Practice Leader for the UK and Ireland. In his new role, Charters will be responsible for growing Chubb's underwriting portfolio and creating innovative solutions to support Climate Tech companies focused on efficient and sustainable use of resources, products, services and technologies that seek to mitigate the impact of climate change.
Charters joins Chubb from the civil service where he held a number of senior roles at the UK government’s Department for Business, Energy and Industrial Strategy, primarily focused on energy efficiency, renewable gas and low carbon heating. Prior to that he worked in the energy sector, including for a renewables start-up.
Charters says: “The climate tech and renewables landscape is extremely broad and can be tricky to define and measure. My goal is to break down this complexity and identify how these industries will develop in future, and how we can support our clients’ development. The aim is to marry my technical and market knowledge with the Chubb Climate+ team’s insurance expertise.”
Louise Joyce, Head of Industry Practices, UK and Ireland, says: “We’re most powerful when we fully understand the needs of our client and the landscape, so we can build a product and service proposition around those needs. With Tim’s expertise, we will be able to do this by understanding the new technology, risks and exposures involved, now and in the future.”
Climate+ Renewables
As an insurer, we recognise that we’re in a uniquely fortunate position with our expertise, insights and global perspective. We can assist many companies in their journey towards carbon neutrality and facilitate their continued growth with tailored coverage. “Insurance is an enabler,” says Louise Joyce. “We’re here to support our clients’ development in the renewables space.” Matthew Hardy agrees, adding: “Insurance can be the invisible glue of society, by being part of and facilitating true progress.”
To do this, we’ve recently launched the newest product under the global business unit: Climate+ Renewables. This product, which launches first in the UK, has been developed to support the growth of alternative and renewable energy projects, principally onshore wind and ground-mounted photovoltaic solar. Climate+ Renewables, the new climate tech insurance solution from Chubb Climate+, provides continuity of insurance across the construction and operational phases of alternative and renewable energy projects. Small to medium renewables projects, up to £50 million in contract value, will benefit from tailored, seamless protection. Climate+ Renewables is available in the UK through Chubb’s etrade facility, Ignite, offering a rapid quote and bind process, with instant documentation.
When designing Climate+ Renewables, we looked to our considerable experience insuring similar projects, and to the future of renewables in the UK. The renewables industry is forecast to grow steadily, for example, it’s predicted that by 2035 the UK’s solar capacity will see growth of five times the current level 1.
Climate+ Renewables offers customers streamlined protection with consistency and certainty of cover that can be procured quickly and efficiently in what can otherwise be a complex insurance-buying process. You can learn more about Climate+ Renewables here and the Chubb Ignite platform here.
All content in this material is for general information purposes only. It does not constitute personal advice or a recommendation to any individual or business of any product or service. Please refer to the policy documentation issued for full terms and conditions of coverage.
Chubb European Group SE (CEG) is an undertaking governed by the provisions of the French insurance code with registration number 450 327 374 RCS Nanterre. Registered office: La Tour Carpe Diem, 31 Place des Corolles, Esplanade Nord, 92400 Courbevoie, France. CEG has fully paid share capital of €896,176,662. UK business address: 100 Leadenhall Street, London EC3A 3BP. Authorised and supervised by the French Prudential Supervision and Resolution Authority (4, Place de Budapest, CS 92459, 75436 PARIS CEDEX 09) and authorised and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request.
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