Oka, The Carbon Insurance Company™ (Oka) Unveils Global Lineslip with Lloyd’s Syndicates Apollo and Hiscox to Bring Insurance Capacity to Carbon Markets
PARK CITY, Utah and LONDON, Oct. 24, 2024 /PRNewswire/ — Oka, The Carbon Insurance Company™ (Oka) has unveiled a lineslip for Oka’s pioneering Article 6 insurance solution, Corresponding Adjustment Protect™.
The world’s first policy for voluntary carbon credits traded into compliance markets, Corresponding Adjustment Protect™ insulates project developers, and their customers, against the risk of Article 6 revocation due to their host country failing to apply a requisite corresponding adjustment to issued credits. It is underwritten by Lloyd’s Oka Syndicate 1922.
Oka is at the forefront of integrating the insurance industry into global carbon markets. The lineslip introduces insurance capacity from a growing number of leading Lloyd’s syndicates, including Apollo, and Hiscox. It was facilitated by placing broker Guy Carpenter.
Led by Oka, the alliance reflects the insurance industry’s growing interest in — and commitment to building the infrastructure necessary to scale — global carbon markets.
Hayley Budd, Innovation Class Lead at Apollo, said: “We’re delighted to be supporting Oka to insure carbon markets, which represent both an exciting market opportunity and growing climate imperative. Besides being a Lloyd’s syndicate, Oka has been at the vanguard of building innovative solutions to complex risks in this space, making them a natural partner for us. Through this lineslip, we can provide the insurance capacity required to protect buyers and sellers and help scale climate solutions.”
Chris Slater, Oka Founder & CEO, added: “Together with Guy Carpenter and this leading cohort of Lloyd’s syndicates, we’re excited to promote the success of carbon markets under compliance schemes, such as the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). Developers need third-party assurances — such as Corresponding Adjustment Protect™ — to access the market, and buyers, to avoid unexpected regulatory and litigation risk. Supported by this lineslip, our dedicated policy coverage will help both parties navigate a new market with confidence.”
Project developers are invited to contact Oka to receive a quote in days.
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About Oka, The Carbon Insurance Company™
Oka is a global INSURTECH100 and ESGFINTECH100 company.
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Media Contact
Chris Slater
Oka Founder & CEO
LEGAL DISCLAIMER
Corresponding Adjustment Protect™ is an insurance policy available to certain eligible owners of carbon credits in jurisdictions where Carbon Insurance Agency, LLC is licensed as a surplus lines insurance producer. Eligibility is determined based on applicable underwriting criteria, and coverage is always subject to the terms and conditions of an applicable policy. Carbon Insurance Agency, LLC has authority to enter into contracts of insurance on behalf of the Lloyd’s underwriting members of Oka syndicate 1922 which is affiliated with Carbon Insurance Agency, LLC and managed by Asta Managing Agency, a managing agent at Lloyd’s.
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SOURCE Oka, The Carbon Insurance Company
