‘Tomorrow’s oil’ is a new insurance opportunity

Many analysts view hydrogen as a great opportunity for Australia. The diverse use of hydrogen – in the generation of heat and electricity, as a chemical raw material for industrial companies as well as in the transport industry to power vehicles – can create numerous growth markets.

The federal government has therefore identified hydrogen as one of the pillars of its future energy policy. In addition to economic growth, Canberra hopes that hydrogen could help Australia reduce its emissions.

The construction of hydrogen infrastructure and transport facilities will require the expertise of energy insurers since hydrogen comes with similar risks as LNG. Natural catastrophes will be one area of focus, but other risks such as fire, explosions, spills, and workplace safety also come into play.

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