French reinsurance firm SCOR has unveiled the New Power Follow inside its speciality insurance coverage enterprise to expedite vitality transition.

Created to be a one-stop store, the apply will support clients in dealing with the dangers and prospects within the present-day situation whereas transitioning to a sustainable future.

The apply will cater to the wants of the present and potential purchasers throughout the globe, the reinsurer famous.

It additionally merges varied insurance coverage merchandise and danger administration options of the corporate. 

The choices will present safety to numerous low-carbon applied sciences and enterprises. 

Photo voltaic farms, offshore and onshore wind farms, hydrogen, interconnectors, carbon seize, biofuels, and batteries comprise these applied sciences.

The New Power Follow will leverage the data of the corporate’s underwriting, danger engineering and claims specialists throughout varied sectors.

Moreover, the apply will deal with establishing long-term collaborations. 

In a press assertion, the corporate mentioned: “SCOR understands the distinctive necessities of purchasers within the new vitality discipline, together with the necessity for monetary safety and danger mitigation all through the lifecycle of a undertaking. 

“By offering end-to-end protection – from undertaking financing, authentic gear manufacturing and credit score danger switch to undertaking development, operation, and decommissioning – the brand new vitality apply ensures that the group’s purchasers are protected at each stage of their vitality transition journey.” 

Via the brand new apply, the corporate will ship insurance coverage for development, property, legal responsibility, political and credit score danger, cyber and various danger switch options.

In Could 2023, SCOR named François de Varenne as its new group CFO and deputy CEO.