According to speakers at the Energy Insurance London event on July 3, 2025, the global energy and insurance industries must collaborate to reduce claim volumes and confront climate change directly.
“We can’t simply stop paying claims, so we need to limit them through better planning and precise energy demand modeling,” said Mike Gosselin, Executive Director and Chief Underwriting Officer of AXA XL’s UK & Lloyd’s division.
In recent years, insurance has grown increasingly vital for energy providers due to the complexities of the energy transition and emerging industry threats.
Large-scale energy projects with substantial upfront costs rely on insurance to mitigate financial risks tied to potential damages, delays, and operational or construction issues. The importance of energy insurance was underscored in May 2019 when a brief but intense hailstorm in West Texas damaged over 400,000 solar panels at the Midway Solar Farm, causing losses exceeding $70 million.
Meanwhile, the 2024 European Union Agency for Cybersecurity Threat Landscape Report highlighted that…
