Marsh launches world’s first insurance for hydrogen projects

Hydrogen tanks. Source: US Office of Energy Efficiency & Renewable Energy

August 23 (Renewables Now) - Insurance broker Marsh, a unit of US giant Marsh & McLennan Companies Inc (NYSE:MMC) on Monday launched the world's first dedicated insurance and reinsurance facility for hydrogen energy projects.

Developed by Marsh and sector players American International Group (NYSE:AIG) and Liberty Specialty Markets, the product will provide coverage for both green and blue hydrogen projects, making available up to USD 300 million (EUR 299.9m) of cover per risk. The facility will be offered for new and existing projects globally.

Clients will be able to 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 launch of the facility 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.

(USD 1.0 = EUR 1.000)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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