Aspen highlights solar design insurance product

Bermuda-based Aspen Insurance Group has highlighted its launch with kWh Analytics of an insurance product promoting resilient solar asset design in its 2023 Sustainability report. 

Aspen said the partnership with kWh, led to the launch in January 2023 of an "industry first, data-led product that encourages resilient design, construction and management of solar assets".

It added: "The product provides property insurance coverage for solar and other renewable projects and comes at a time when traditional carriers have tightened their portfolio exposure, leaving many insured with high premiums and inefficient coverage.

In October 2023, InsuranceERM named Aspen and kWh Analytics winner in the category of 'Climate and Sustainability Collaboration of the Year' during its inaugural Global Climate Risk & Sustainability Awards ceremony."  

Aspen also noted in the report that as a founding member of Blue Marble Microinsurance, it also helped to expand protection to the underserved, bridging the protection gap for over 300,000 beneficiaries in eight developing countries – up 200% from 2022.

Aspen also highlighted several other features of its sustainability approach in the report, including: 

· Expansion of greenhouse gas emission measurements to include scope 3 Purchased Goods and Services.

· Investments in existing talent and new and diverse talent, including programs for high-potential female staff, graduates from less advantaged socio-economic backgrounds, internships for ex-military, developing future leaders, and mentoring and reverse mentoring. 

· Significant new ESG/sustainability investments including a $55 million commitment to energy transition initiatives and a £7 million commitment to the Big Issue Invest Social Enterprise Debt fund.

· Over 300 CSR initiatives through 80 global partnerships amounting to $1.3M in donations.

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