53% of firms cite insurance exclusions as clean energy hurdle

They also plan to increase their investments in clean energy technologies by 34%.

Natural resources companies are set to increase their investments in clean energy technology, but lack of insurance remains a challenge with 53% of companies saying blanket exclusions hinder their ability to transfer risks, whilst 48% cited issues with limited duration and inflexibility of coverage.  

At the same time, these companies plan to increase their investments in clean energy technologies by 34% in the next financial year, according to a global Clean Energy Survey by Willis, a WTW business. 

The survey, which gathered responses from 450 senior decision-makers across Europe, North America, Asia-Pacific, and Latin America, found that supply chain disruptions and geopolitical risks were cited as the most significant concerns, with 79% and 78% of respondents, respectively, identifying them as major threats to clean energy strategies. 

Whilst all natural resources firms have a clean energy strategy, only 36% of oil and gas companies have fully implemented their plans.  

Rupert Mackenzie, Global head of Natural Resources at Willis, highlighted the difficulty companies face in securing appropriate insurance. 

He noted that supply chain issues, technical failures, and project financing concerns create additional hurdles, making it essential for the insurance market to develop more suitable products to support clean energy investments.