Philadelphia Insurance Companies: Supporting the Green Transformation
Businesses are rapidly adopting more environmentally sustainable energy solutions like solar, wind, and geothermal. Philadelphia Insurance Companies (PHLY) is helping these companies navigate the associated risks and opportunities.
“Green transformation” is more than a climate shift; it’s a movement toward cleaner energy sources. Jamie Langes, Vice President of Environmental Underwriting for PHLY, explains that as businesses shift away from traditional energy sources, they require financial support through insurance policies.
A Growing Interest in Green Transformation
Companies are choosing green and alternative energy solutions for reasons of sustainability and profit, as some carriers even reduce support for traditional energy sources to help promote investment in green energy.
“The more companies dive into green transformation, and the more insurers support those operations fiscally, we’re projecting this could easily set a market pace in the billions in a very short time,” said Langes.
How Insurance Supports Green Transformation
Working with an experienced environmental underwriting team is important when businesses are looking into alternative energy. Insurance provides financial support to these companies.
Insurance also offers a risk management perspective that helps sustain start-up costs and liability exposures. Having the backing of an experienced underwriting team can be the difference between sound risk management and coverage and failure to launch.
Langes stated, “Green transformation is being leveraged as one component of our environmental approach, and 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.”
Traditional and Alternative: An Important Underwriting Balance
While underwriters have an abundance of historical data for traditional energy sources, green energy is still relatively new; insurers must navigate this transitional period carefully, considering rates, coverage options, and detailed terms.
“The underwriting challenge, therefore, is that we must underwrite the two dichotomies, green transformation along with traditional, as companies transition forward,” said Langes.
Environmental Underwriting Experts at Your Service
PHLY’s environmental underwriting team is dedicated to understanding its client partners’ businesses. They provide valuable insights and expertise in sustainable energy solutions.
Langes said, “We are integrating green transformation options into our coverage positions, investing in these initiatives as we would for any operation.”
As a part of Tokio Marine Group, PHLY can leverage the insurance expertise within the umbrella to evaluate the societal changes and community interest in green transformation. PHLY has also built an environmental underwriting team with extensive experience in the marketplace.
This dedication has allowed PHLY to have tailored and competitive coverage. Underwriters are paying close attention to companies transitioning to alternative energy solutions.
