- Insurance broker Marsh launched the world’s first dedicated insurance and reinsurance facility for hydrogen energy projects.
- Up to 300 million USD of cover per risk will be made available.
- The facility is to be offered for new and existing projects globally.
A unit of US giant Marsh & McLennan Companies Inc, Insurance broker Marsh, has on Monday launched the world’s first dedicated insurance and reinsurance facility for hydrogen energy projects.
The product, established by Marsh and sector players American International Group and Liberty Specialty Markets, will provide coverage for both green and blue hydrogen projects. Up to 300 million USD of cover per risk will be made available.
Clients can choose whether to use coverage for their project’s construction and startup phase or opt for a combined risks policy that extends to first-year operations. Both small operators and multinational organisations will be able to enrol. Marsh noted that the facility’s launch aims to address the needs of the growing hydrogen industry, which is expected to attract USD 150 billion in investment by 2025.
“As the global hydrogen industry, especially green hydrogen, scales up rapidly to meet demand, the facility will reduce the complexity of securing risk transfer options for operators of all sizes and boosts investor and lender confidence in achieving their ambitious project timeframes,” said Andrew George, Global Head, Energy & Power, Marsh Specialty.