Chubb Expands Insurance Coverage for Renewables in Latin America

Chubb has expanded its insurance offerings for renewable energy projects in Latin America, aiming to support the region’s accelerating transition toward cleaner power generation and address rising climate and financial risks associated with large-scale energy investments.

The global insurer said the move responds to growing demand for risk mitigation as Latin America consolidates its position as one of the world’s leading regions for renewable electricity generation. According to Chubb’s report, The Energy Future of Latin America: An Insured Transition, renewable sources accounted for 62% of the region’s electricity generation in 2023, well above the global average of 30%.

Chubb noted that the expansion of wind, solar, and hydroelectric capacity has increased exposure to market volatility, extreme weather events, and financing challenges. These risks have become more relevant as projects grow in size and complexity and as infrastructure is deployed in regions vulnerable to climate-related disruptions.

Miguel Ángel García, Power and Energy Head and Climate+ Regional Practice Leader, Chubb Latin America, said renewable energy growth has created a parallel need for insurance solutions that protect investors, operators, and local communities. He said the company is focused on providing coverage that supports both project continuity and long-term sustainability.

Chubb’s expanded offering includes insurance for civil liability, operational continuity, and protection against natural disasters affecting energy infrastructure. The company also provides coverage designed to support investment and project financing, which it said can help attract capital and reduce uncertainty for developers and lenders. These services are delivered through a multilayered approach that integrates underwriting, engineering, and claims management by specialized teams across the region.

The insurer said Latin America has attracted significant investment in renewable energy, with major projects underway in countries including Brazil, Chile, Mexico, and Uruguay. According to data cited in the report, the region hosts several large-scale projects that together represent more than US$19 billion in investment and thousands of megawatts of installed capacity, highlighting both the scale of opportunity and the importance of managing operational and climate risks .

Mexico plays a relevant role in this landscape, with renewables accounting for about 24% of its electricity generation when excluding large hydropower. Chubb said the country’s energy reforms and evolving regulatory framework have shaped investment conditions, underscoring the importance of risk assessment and insurance coverage for new projects.

Chubb said its regional strategy is aligned with the need to balance energy transition goals with system resilience. The company added that insurance solutions can help ensure renewable projects remain financially viable and operationally stable as climate impacts intensify and markets evolve.

As Latin America continues to expand its clean energy capacity, Chubb said it expects risk management and insurance to play a growing role in supporting the region’s energy transition and protecting infrastructure critical to long-term economic and environmental objectives.