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Leader - Green is the new black.
(Post Magazine Via Thomson Dialog NewsEdge) Last weekend's Live Earth concerts, while promoting a worthy cause, have also encountered a fair degree of cynicism from people who have highlighted the carbon footprint both of the events and recent touring activities of those involved.
So, what are we to make of insurers' efforts to jump on the renewable energy bandwagon given that they undoubtedly have less fans than Madonna, the Red Hot Chilli Peppers, and even Razorlight?
Recent weeks have seen a number of insurers and brokers crawl out of the woodwork to promote products and services targeted at this fledgling market, with Ace Europe and Ascot this week joining a burgeoning list of companies to have launched renewable energy lines, including Marsh and Royal and Sun Alliance.
Ace Renewable Energy has been heralded as an innovative insurance solution for renewable energy providers, catering for all their needs in a single policy.
Commenting on the launch, Alistair MacIntyre, UK product development manager, said: "This is a complex market and many covers have been limited to particular types of renewable energy production, such as wind power. When you consider that 50% of renewable energy electricity capacity comes from methods such as landfill gas, waste and biofuel generation, the need for more relevant insurance cover is clear."
Meanwhile, Ascot unveiled Renewco Underwriting, which it claimed was the first Lloyd's-based underwriting operation specifically "dedicated to the full range of the renewable energy industry worldwide".
Ascot chief executive officer Martin Reith added: "The innovation, dynamism and enthusiasm of the project developers mirrors our own business philosophy. We are particularly excited that we are in a position to make a real contribution to support the growth and technological development of the renewable energy industry."
With the UK government committed to producing 10% of the UK's energy through renewable sources, there will certainly be a significant amount of premium up for grabs over the coming years and both these market experts - judging by their comments - are eager to help.
And, while cynics may scoff at insurers who seem intent on making money from saving the earth, as has been said times before, without insurance the renewable energy market would be a non-starter and nothing would change.
And with this in mind, these insurers' motives are arguably as green and worthy - if not more so - than those people trying to boost record sales on the back of the climate change issue. Now who's being cynical?
- Agree/disagree: e-mail jonathan.swift@incisivemedia.com.
Copyright 2007 Timothy Benn Publishing Ltd, Source: The Financial Times Limited
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