Philadelphia Insurance Companies Supports the Green Energy Transition
Businesses are increasingly turning to sustainable energy sources, and Philadelphia Insurance Companies (PHLY) is supporting this “green transformation” with specialized insurance solutions. Jamie Langes, Vice President of Environmental Underwriting at PHLY, explains how insurance can champion this repositioning by supplying financial support needed to companies engaged in green transformation.
The shift towards renewable energy sources like solar, wind, and geothermal is gaining momentum. This trend presents a significant growth area for environmental insurers and their clients.
“As companies invest in green transformation, and begin shifting their business models away from exclusive investment, use, or support of traditional energy sources … they are starting to look at the alternative energy space,” said Jamie Langes, Vice President of Environmental Underwriting for Philadelphia Insurance Companies (PHLY).
There are several reasons for this growing interest in green energy. Sustainability is a key driver, alongside the benefits for the bottom line. Insurance companies are also showing increasing interest, with some reducing their support for traditional energy sources to promote investment in green energy.
Insurance plays a crucial role by providing financial and risk management support. According to Langes, “Insurance capacity is growing, and rate is supporting new ventures from a balance of coverage and premium.” This support assists with initial start-up costs and manages potential liabilities. An experienced underwriting team is essential for ensuring sound risk management and successful project launches.
PHLY’s environmental underwriting team focuses on understanding their clients’ businesses to support sustainable energy solutions. This approach includes collaboration and long-term vision.
PHLY’s approach involves underwriting both traditional and alternative energy sources. Underwriters use historical data when evaluating traditional energy risks, which provides a more in-depth understanding of pricing.
However, when looking at green energy, with its relatively new position in the insurance market, underwriters must analyze the transition. This includes reviewing rates, coverage options, availability, terms, and conditions. Underwriting the combined aspects of both types of energy sources is critical, and must be done correctly as companies transition forward.
PHLY has built an environmental underwriting team with experience in the marketplace, including consultants with technical expertise for these energy businesses. They work collaboratively to provide support for brokers and their clients. This approach has allowed PHLY to offer competitive and tailored coverage.
PHLY, as part of the Tokio Marine Group, can take advantage of experts to evaluate societal changes and community interests for financial insurance needs.
PHLY is committed to proactively providing its services to its clients, and is always willing to embrace this evolving conversation.
This article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with Philadelphia Insurance Companies. The editorial staff of Risk & Insurance had no role in its preparation.
