Clean energy, carbon capture patents are surging in insurance
Other major players in the industry are getting involved in ESG initiatives by setting targets to reduce emissions related to underwriting activities.
The number of patents for clean energy insurance has increased substantially in recent years – from 1,537 in 2014 to 3,004 in 2023, according to GlobalData. The number of patents for carbon capture in the insurance sector also increased from 2,009 to 5,143 over the same time frame.
This trend, GlobalData reasons, underscores a strategic shift toward the insurance industry’s development and targeting of environmentally targeted specialty products.
Data from the first half of 2024 shows this trend is ongoing, with 2,519 clean energy insurance and 2,519 carbon capture patent publications in the insurance sector so far.
“The surge in patents for clean energy insurance and carbon capture within the insurance industry reflects a strategic focus on supporting sustainable energy initiatives,” Guillaume Anns, insurance analyst at GlobalData, said in a release. “As countries aim to achieve their net-zero commitments, insurers are developing new products and services to cater to this evolving landscape.”
One of the most prominent examples of this shift in priority in the insurance industry is a collaboration between Zurich Insurance Group and Aon. These companies have joined to establish a clean energy insurance facility for hydrogen projects, Global Data reports.
Other major players in the industry, like Munich Re, are getting involved in these initiatives by setting targets to reduce emissions related to underwriting activities.
“The initiatives undertaken by industry leaders like Zurich, Aon and Munich Re mark a significant step forward in supporting clean energy investments,” Anns continued in the release. “By providing comprehensive insurance solutions for hydrogen projects and addressing the risks associated with clean energy infrastructure, these collaborations play a crucial role in accelerating the energy transition and meeting net-zero targets.”