Gross Written Carbon
February 5, 2024
Together with carbon insurance specialist, Kita, we are pleased to launch a new landmark report entitled “Gross Written Carbon: Are carbon credits the next billion-dollar insurance market?”
ESG and sustainability strategies are often risk-centric and neglect the real opportunities for underwriting solutions that can drive profit for (re)insurers. The carbon credit insurance opportunity is one that has the potential for profit, and also purpose, playing a vital role in decarbonisation in the fight against climate change.
We see huge potential in the carbon credit insurance sector and in this report, we set out how the addressable carbon credit insurance market is significant. We estimate that by 2030, GWP could be up to $1bn annually and by 2050 it could reach $10-30bn annually, underwritten across the industry.
The report takes a comprehensive view of the market, considering the challenges and limitations, alongside the sizeable opportunities. Ultimately, explosive growth of the currently nascent market is a question of “when, not if”.
The content features in-depth interviews with leading industry experts including brokers (AON, Howden and Marsh) and (re)insurers (AXA XL, CFC, Chaucer and Fidelis). In addition, you’ll find mini-explainers related to terminology and market structure, deep-dives into specifics (including the implications of COP28 outcomes) and case studies to showcase the work already underway across the industry.
This report acts as a primer for interested parties keen to learn more about the carbon markets and their potential, as well as providing new and aggregated insights for experts in the field, and has been showcased across the media, including in The Insurer, Insurance Insider and Insurance Business.
Please do not hesitate to reach out directly to me, to find out more about potential ESG-aligned / sustainable underwriting opportunities and how you can build your own strategy or specific new proposition in the space.
For more information please contact
Miqdaad Versi, Partner and Head of Sustainability, Oxbow Partners
Eilis O’Keefe, Carbon Markets & Partnerships Analyst, Kita
James Kench, Head of Insurance, Kita
About Oxbow Partners
Oxbow Partners is a specialist management consultancy exclusively serving the insurance industry. Our clients include leadership teams at the world’s leading insurers, reinsurers, brokers and private equity firms. Our consulting engagements span across strategy, operations, technology, transformation and M&A. We have also built cross-industry expertise in ESG across the insurance sector, with an in depth understanding of the ESG strategy of (re)insurers across the globe. We are uniquely placed to use this expertise in our engagement with (re)insurers on their approach to ESG.
Senior executives choose Oxbow Partners when they want a fresh perspective from a high calibre team of industry specialists that thinks deeply about each client’s unique situation and has a track record of delivering insight and impact.
We have proudly certified as a B Corp. B Corp is an accreditation for companies that balance purpose and profit. B Corps are legally required to consider the impact of their decisions on their workers, customers, suppliers, community and the environment. Find out more