The Green Transformation: How Philadelphia Insurance Bolsters Companies Seeking Alternative Energy Solutions
Businesses are increasingly embracing sustainable energy solutions, leading to a “green transformation” in the energy sector. This shift towards wind, solar, and geothermal power is supported by the environmental underwriting expertise of Philadelphia Insurance Companies (PHLY). As companies invest in these alternative energy sources, they require insurance partners who understand the unique risks involved.
“Insurance can champion this repositioning by supplying financial support needed to companies engaged in green transformation through policies and programs,” said Jamie Langes, Vice President of Environmental Underwriting for PHLY.
A Growing Interest in Green Energy
Companies are pursuing green and alternative energy solutions for several reasons, including sustainability goals and profit motives. Many insurance carriers are adjusting their strategies, even reducing support for traditional energy sources, to bolster investment in green energy.
“In the insurance sphere as a whole, carriers are actively engaged in identifying strategies to deploy their capacity, and making conscious determinations regarding coverage offerings that as a marketplace, we have committed to allot to green transformation,” explained Langes. This commitment is vital for the future of businesses as green energy provides renewable and sustainable energy sources.
How Insurance Supports Green Transformation
Venturing into green energy requires the support of an experienced environmental underwriting team. Insurance plays a crucial role by supplying financial support to companies engaged in green transformation, offering risk management perspectives and assistance with start-up costs and liabilities. The backing of an experienced underwriting team can differentiate sound risk management and provide the platform for a successful launch.
“Green transformation is being leveraged as one component of our environmental approach,” Langes said. “With [PHLY’s] expertise and experience, that approach is finding new ways to do business, including collaboration and a long-term vision, which embraces our role as a financial vehicle for progressing and assisting green transformation and technology through insurance.”
Balancing Traditional and Alternative Energy Underwriting
Underwriting teams must also balance their support for both traditional and alternative energy sources. Underwriting for traditional energy benefits from extensive historical data that assists in decision-making but, “Green energy and design risks don’t have that much value proposition data yet since these exposures are still relatively new in the insurance marketplace as an insurable risk,” Langes explained.
To successfully transition to green alternatives, underwriters must consider this transitional period, paying close attention to the rates, coverage options, and detailed terms and conditions to best serve green transformation companies.
Environmental Underwriting Experts at Your Service
PHLY prioritizes a deep understanding of its client partners’ businesses. Their proactive approach to environmental underwriting ensures that they remain updated on evolving industry trends and client needs. This dedication helps PHLY provide competitive and tailored coverage.
“We are integrating green transformation options into our coverage positions, investing in these initiatives as we would for any operation,” Langes noted. As part of Tokio Marine Group, PHLY further leverages insurance experts to evaluate societal changes and community interest in green transformation.
PHLY’s environmental underwriting team has extensive experience in the marketplace, with many underwriters bringing technical expertise from their experience in the consulting field to the table, as well. This allows them to collaborate and provide valuable resources to brokers, ultimately benefiting their clients.
To learn more, visit https://www.phly.com/ESdivision/es-environmental.aspx
