It’s Not Easy Writing Green

Many years ago, the appetite for underwriting clean technology projects was small. They were niche, relatively unproven, and not regarded as a core business area for prospective insurers. Today, it is the opposite.

The green transition represents an enormous economic opportunity as clean technologies, especially renewables, become more reliable mainstream assets and the insurance capacity to underwrite green projects continues to expand.

The risk profiles associated with these projects have also grown in complexity, in committed investment, and in urgency to meet net zero targets.

Amidst all the change, one thing has stayed the same for insurers: underwriting green initiatives sustainably is challenging.

As the sector rapidly scales, it faces multiple pressures from different angles - economic, political, and technical - introducing uncertainty and complexity. In particular, increasingly frequent and severe extreme weather events are causing an uptick in costly claims around the world. Meanwhile, 2025’s fluctuating trade tariffs have added strain to a supply chain still recovering from the lasting impacts of the Covid pandemic. These factors represent just a few of the components of a perfect storm that threatens to undermine the green transition.

Against this landscape of high ambition, high investment, and high risk, the role of insurers in this market has changed significantly. To support the industry’s growth, insurers must do more to equitably balance the allocation of risk across stakeholders and provide capacity to support the development of new technologies.

It’s Not Easy Writing Green, our first report since launching as Tokio Marine GX (TMGX), explains why now is the right time to launch our new underwriting business and play a leading role in establishing a resilient insurance market for green projects. The report unpacks the ‘perfect storm’ of 7 challenges that are throwing up hurdles to the sector’s growth, while taking the lessons learned from GCube’s 25+ years of underwriting renewables - in combination with TMGX’s three key pillars for a strong green transition insurance market - to underline TMGX’s ongoing commitment to insureds’ needs in this space.

As the green transition progresses at pace, it needs the insurance market to catch up and offer a wider range of solutions to support growth as it has before. It really isn’t easy writing green, and now is the critical moment to step up with new products and experienced capacity to enable the green transition.

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