Best Carbon Capture Insurance Firms in USA
Non-sponsored, Expert Verified and Transparently Ranked Carbon Capture Insurance Firms in USA
Published: December 23, 2025 | Verified by: Ted Scheiman & Rob Watts
Executive Summary
We analyzed 5 solutions. Top Recommendation: DUAL Underwriting by Howden scored highest due to Dedicated global facility specifically for CCS leakage risk with Lloyd’s-backed capacity and specialist brokerage placement..
Content Verification
Side-by-Side Comparison
| Feature | #1 DUAL Underwriting (Howden) | #2 Risk Consulting, Brokerage, and Claims Advocacy Services (Marsh) | #3 Risk Retention (Aon) | #4 Carbon Insurance Solutions for Developers (Oka, The Carbon Insurance Company) | #5 Claims Services (AIG) |
|---|---|---|---|---|---|
| Best For | Dedicated global facility specifically for CCS leakage risk with Lloyd’s-backed capacity and specialist brokerage placement. | First-of-its-kind CCS cover with a non-damage leakage trigger and carbon credit replacement, underwritten by leading Lloyd’s markets. | Market-wide CCS program developed from flagship projects (e.g., HyNet/Northern Endurance) to meet investor and lender requirements. | Lloyd’s-backed capacity with a purpose-built policy that guarantees one insured credit equals one tonne removed, enhancing buyer confidence. | Explicit coverage for carbon sequestration (45Q) within a large U.S. carrier’s tax liability product suite to safeguard CCS incentives. |
| Coverage Specificity | Covers sudden or gradual CO2 leakage from commercial-scale CCS into air, land or water; includes environmental damage, loss of revenue, first-party financial losses (e.g., devaluation of carbon offsets and tax credit clawback), and liabilities linked to carbon credits/permits (UK/EU ETS). (howdengroup.com) | Coverage for CO2 transport and geological storage with a non-damage trigger for leakage; indemnifies corrective measures, associated business interruption, and (where applicable) replacement carbon credits. Applies across the CCS chain (onshore facilities, pipeline/ship, storage complex) and supports operators’ financial security obligations. (marsh.com) | Covers physical risks, general liabilities, and business interruption for large CCS transport and storage projects; bespoke protection for storage reservoir integrity; indemnifies for lost tax credits or required carbon credit purchases following a CO₂ leak. (aon.com) | Covers post-issuance invalidation and reversal risks. Invalidation includes overcrediting, non-additionality, adverse impacts, exclusive claims, project fraud; reversal includes natural catastrophes (wildfire, flood, storms, droughts, earthquakes) and human‑induced events (negligence, misconduct, project failure). Also offers Corresponding Adjustment Protect for CORSIA-related de-authorization/failed corresponding adjustments. (carboninsurance.co) | Covers financial loss from tax authority challenges to tax treatment, specifically supporting renewable energy tax credits including Section 45Q carbon sequestration; shifts risk of potential loss of credits from tax equity investors. U.S.-focused for 45Q-related exposures. (aig.com) |
| Integration with Financing | Improves CCS project bankability by de‑risking leakage and covering liabilities tied to carbon credits/allowances (UK & EU ETS), supporting revenue certainty. Intended to unlock investment and enhance investor/lender confidence, providing balance‑sheet protection that supports financing and project‑finance readiness. (howdengroup.com) | Integrates with financing by: CCS transport/storage insurance enabling operators’ financial security obligations; lender-focused credit/surety advisory to facilitate project finance; and insurance placements directly supporting non-recourse bank financings (e.g., Chestnut Carbon). Also permits fee payment via carbon credits/RECs. (marsh.com) | Integrates financing by optimizing retention/transfer and designing alternative structures (captives/protected cells). Uses retention vehicles to improve access to capital. Financial modeling factors financial statements, KPIs, debt covenants, and credit rating metrics to align risk budgets with financing constraints. (aon.com) | Integrates with financing by enabling better access to climate and commercial finance; offering lender/investor protections that reduce risk‑weighted assets and provide regulatory capital relief; insuring prepayment and offtake non‑delivery and borrower default; and extending coverage to transition‑project prepayments, sustainability‑linked loans, bonds, and letters of credit. (carboninsurance.co) | Integrates with financing by de‑risking 45Q tax equity: AIG’s tax liability insurance shifts IRS challenge risk from tax equity investors and can serve as the creditworthy indemnity investors require, enabling tax equity commitments and deal closure; coverage is structured for multi‑year horizons aligned with financing. (aig.com) |
| Regulatory Compliance Support | Covers regulatory exposures by insuring liabilities tied to carbon credits/allowances (including UK & EU ETS) and first‑party losses such as carbon offset devaluation and tax‑credit clawback following CO2 leakage. (howdengroup.com) | Assists CCS operators in meeting regulatory financial security obligations and provides risk consulting on regulation/compliance issues to reduce compliance risk. Also engages with local, state, and federal authorities, advises on navigating state regulators and pipeline operations, and offers environmental claims advocacy during regulatory interactions. (marsh.com) (marsh.com) | Aon’s Risk Retention capability supports compliance by designing captives/protected cells and fronting solutions to satisfy local admitted insurance laws (e.g., pan‑European compliance via Malta PCCs), and by providing global market/regulatory intelligence, compliant solution design, and regulator liaison (including dispensation requests) to balance compliance with commercial objectives. (aon.com) | Provides regulatory compliance support through Corresponding Adjustment Protect, Article 6 insurance for voluntary credits entering compliance markets. Gold Standard‑approved for CORSIA; covers failed corresponding adjustments, meeting registry requirements and enabling developers to access and maintain CORSIA eligibility while mitigating regulatory risk. (carboninsurance.co) | Provides state-specific forms, required notices, and guidance (including monopolistic-state rules), with IntelliRisk prepopulating state loss notice forms and routing to appropriate offices. Multinational legal/business intelligence specialists monitor regulatory changes across 200+ jurisdictions to help keep coverage and claims locally compliant. (aig.com) |
HowdenCompany Information
Howden Group Holdings is a global insurance group with employee ownership at its heart, specializing in broking, risk management, underwriting, and reinsurance.
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Description
A global insurance group offering a range of services including brokerage and underwriting with a focus on people-centered approaches.
What They Do
Global retail, specialty and reinsurance broker to mid-market, large corporates, SMEs, and personal lines.
Who They Serve
Mid-market, large corporates, SMEs, and personal lines.
Key Value Propositions
Target Customers
Industries Served
Contact Information
Key Pages
Navigation Links
Summary
Lloyd’s-based facility led by SCOR that insures environmental damage and loss of revenue arising from sudden or gradual CO2 leakage at commercial-scale CCS sites. Provides dedicated capacity to close a critical leakage-risk gap and support bankability of CCS projects.
Key Features
- Exceptional underwriting built on industry expertise
- Entrepreneurial and independent business culture
- Imaginative connection of risk to capital
- Relentless focus on high-quality underwriting
- Global broker and carrier network
Key Benefits
- Access to 70+ insurance product lines
- Global reach with operations in 21+ countries
- Agile and responsive underwriting teams
- Long-term, stable carrier partnerships
- Entrepreneurial and independent approach
- Backed by Howden, one of the largest insurance groups in the world
Who Is It For
- Brokers
- Agents
- Businesses seeking insurance solutions
- Carrier partners (insurance and reinsurance companies)
DUAL is a different kind of MGA and has been since day one in 1998
DUAL’s business is built on the idea that industry expertise, intelligent underwriting, and an entrepreneurial mindset can help partners thrive. The philosophy remains relevant as DUAL’s broker and carrier partners rely on their underwriting teams to take initiative and respond to emerging needs.
Exceptional underwriting, built on an entrepreneurial spirit
DUAL’s spirit of independence empowers its people, enabling agility and responsiveness to partners’ needs. This has helped DUAL become one of the world's biggest MGAs.
- 70+ product lines
- £2.6bn GWP
- 21 countries
Working with world-leading carrier partners
DUAL connects risk to capital by working with highly rated insurance and reinsurance companies globally, many of which are long-term partners. This focus on high-quality underwriting and strong carrier relationships has enabled DUAL’s growth.
A vision to be the world’s best underwriting business
DUAL has expanded from writing only financial lines to providing more than 70 lines of insurance for businesses worldwide. The company continues to innovate to address emerging needs, with an entrepreneurial drive underpinning its vision.
Backed by one of the largest insurance groups in the world
DUAL is part of Howden, a major global insurance group with 20,000 people across 55 territories and employee ownership at its core.
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Risk Consulting, Brokerage, and Claims Advocacy Services
MarshCompany Information
Marsh is a global leader in insurance broking and risk management, bringing global, national, and industry-specific solutions to a wide range of clients.
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Description
Marsh is a global professional services firm that specializes in insurance brokerage and risk management. The firm helps clients navigate complex risks and embrace their opportunities.
What They Do
Marsh provides insurance brokerage and risk management services to clients across various industries worldwide.
Who They Serve
They serve a wide range of clients including businesses, governments, and organizations across multiple sectors.
Key Value Propositions
Target Customers
Industries Served
Contact Information
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Summary
Brokered solution purpose-built for CCS projects that covers transportation and geological storage risks, including operators’ financial security obligations. Adds non-damage triggers for CO2 leakage, business interruption, and, where applicable, the cost to replace leaked carbon credits.
Key Features
- Risk consulting
- Insurance brokerage
- Claims advocacy
- Data-driven risk analysis
- Technology-enabled solutions
- Analytics for risk management
Key Benefits
- Better quantification and management of risk
- Access to global expertise and industry-specific knowledge
- Support in navigating complex risk environments
- Leverage of data, technology, and analytics for informed decision-making
Who Is It For
- Organizations and businesses across a wide range of industries
- Clients seeking to manage, transfer, or mitigate risk
- Companies requiring support with insurance placement and claims management
Services
Our consulting, brokerage, and claims advocacy services leverage data, technology, and analytics to help you better quantify and manage risk. Explore our global expertise below. Please note that service availability varies by location. Contact a Marsh advisor for support in your region.
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Detailed Comparison
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Integration with Financing
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AonCompany Information
Aon is a global professional services firm that provides a range of risk, retirement, and health solutions. The company operates in two key areas of need: Risk Capital and Human Capital, providing expertise across these areas to help clients make better decisions.
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Description
Aon exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues in over 120 countries provide our clients with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
What They Do
Provide expertise across Risk Capital and Human Capital to help clients with their risk and people strategies.
Who They Serve
Clients from various industries needing risk and human capital consultation.
Key Value Propositions
Industries Served
Contact Information
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Summary
Comprehensive insurance product designed for international CO2 transport and storage operators to de-risk CCS value chains. Built to address key CCS exposures and unlock financing by expanding what is insurable for large-scale projects.
Key Features
- Advanced actuarial techniques for retention optimization.
- Benchmarking against one of the industry’s most comprehensive datasets.
- Design and implementation of alternative risk financing options (e.g., captives, protected cells).
- Collaborative approach to tailor risk financing strategies.
Key Benefits
- Optimize retention levels to manage and reduce total cost of risk.
- Improve access to capital using retention vehicles such as captives.
- Tailor-made risk financing strategies based on advanced actuarial techniques and industry data.
- Support in navigating challenging insurance market conditions, including rate increases and capacity constraints.
Who Is It For
- Organizations facing challenging insurance market conditions.
- Businesses seeking to manage risk budgets and consider alternative risk financing.
- Companies interested in using captives or protected cells for risk retention.
- Industries including Construction and Real Estate, Financial Institutions, Food, Agribusiness and Beverage, Healthcare, Hospitality, Industrials, Insurance, Life Sciences, Natural Resources, Professional Services, Public Sector, Retail, Sports and Entertainment, Technology, Transportation and Logistics.
Risk Retention
Finding the most effective balance between risk retention and transfer is key to a successful risk financing strategy.
Optimize Retention Levels
Challenging insurance market conditions have led organizations to consider retaining more risk, often using alternative risk financing options like captives and protected cells. Aon helps organizations optimize retention levels using advanced actuarial techniques and comprehensive data, designing tailor-made risk financing strategies.
- Advanced actuarial techniques
- Comprehensive industry data benchmarking
- Tailor-made risk financing strategies
- Use of captives and protected cells
Captive Insurance
A captive is a licensed insurance or reinsurance company owned by a parent organization that insures or reinsures the risks of its parent and associated companies. Once set up, a captive works in the same way as a commercial insurance company.
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Carbon Insurance Solutions for Developers
Oka, The Carbon Insurance CompanyCompany Information
Description
Oka de-risks global carbon markets to scale industry growth and accelerate climate action.
What They Do
Oka provides carbon insurance solutions tailored to the risks within the carbon market, aiding project developers, corporate sustainability teams, and financial institutions.
Who They Serve
Stakeholders across the carbon market ecosystem including carbon credit developers, buyers, investors, and registries.
Key Value Propositions
Target Customers
Industries Served
Trusted By
Contact Information
Social Media
Key Pages
Summary
Insurance for carbon credits, including engineered carbon removal, providing financial compensation for post-issuance risks such as invalidation and reversal. Available to U.S.-based buyers and project stakeholders to add assurance to carbon removal purchases linked to capture and storage.
Key Features
- Modular insurance solutions tailored to developer needs
- Project and credit insurance covering post-issuance risks
- RFP consulting services to maximize proposal impact
- Advisory services, research, and risk assessment
- Insurance-wrapped credits for enhanced marketability
Key Benefits
- Unlock access to commercial finance and compliance markets
- Reduce project costs and increase demand for credits
- Meet risk requirements of lenders and customers
- Sell credits more quickly and at higher value
- Financial protection against loss or replacement of credit inventory
- Facilitate entry into compliance markets where insurance is a prerequisite
Who Is It For
- Carbon credit project developers
- Stakeholders in the carbon-market ecosystem seeking to de-risk projects
Eliminate Risks, Accelerate Growth
Project and credit insurance eliminates the perception of risk currently hindering market growth and climate impact. Designed to meet the risk requirements of your lenders and customers, our modular solutions open the door to more finance, lower costs, and higher demand. In addition to tailored solutions, we provide developers with RFP consulting services.
Why Insurance?
- Financial Protection: Minimizes financial burden in the event of loss or replacement of credit inventory, and alleviates ongoing cost of managing unforeseeable and unavoidable risk.
- Customer Access: Insurance-wrapped credits are more likely to meet stringent corporate risk requirements and are a prerequisite for selling into compliance markets.
- Premium Prices: Insurance is a quality marker and a prerequisite for compliance markets, where credits sell for a premium. Insurance-wrapped credits typically sell more quickly and at a higher value.
Security Through the Carbon Credit Lifecycle
Oka’s team of market and insurance experts has built innovative insurance solutions for a wide range of stakeholders, at every point of the carbon credit lifecycle. By transferring risk off the balance sheets of project developers, investors, and customers, we bring capital to carbon markets.
Project Risk Solution: Carbon Protect
Provides the credit-holder with financial compensation in the event of credit cancellation due to unforeseeable and unavoidable post-issuance risks, including invalidation or reversal.
Country Risk Solution: Corresponding Adjustment Protect
Designed for voluntary credits authorized for sale into compliance markets, Corresponding Adjustment Protect provides developers with financial compensation in the event that a failed corresponding adjustment leads to credit de-authorization.
Bespoke Risk Solution
Discover how a bespoke insurance solution can help you access more finance, lower project costs, and drive customer demand.
Financial Strength
Oka’s insurance products are backed by Lloyd’s underwriters (Oka syndicate 1922) with strong financial ratings from Standard & Poor's, Fitch Ratings, Kroll Bond Rating Agency, and A.M.Best.
- AA- (Very Strong) - Standard & Poor's
- AA- (Very Strong) - Fitch Ratings
- AA- (Very Strong) - Kroll Bond Rating Agency
- A (Excellent) - A.M.Best
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AIGCompany Information
American International Group, Inc. (AIG) is a leading global property and casualty insurer. AIG operates in over 190 countries and jurisdictions offering an array of comprehensive risk and insurance services.
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Description
AIG provides insurance solutions that help businesses and individuals in more than 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners.
What They Do
AIG offers a comprehensive range of insurance products and services to manage risks for both individuals and businesses.
Who They Serve
AIG serves clients globally, including individuals and businesses in more than 200 countries and jurisdictions.
Key Value Propositions
Target Customers
Industries Served
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Summary
Tax insurance that protects investors and project stakeholders in U.S. CCS projects against loss or recapture of Section 45Q tax credits. Helps secure tax equity and improve project financeability by transferring IRS challenge and recapture risks.
Key Features
- Specialist adjusters and experienced decision makers
- Global network of claims experts
- Assignment of claims to the right expert for efficient resolution
- Dedicated claims teams for each risk solution
- Lifecycle support: notification, assignment, processing, resolution
- Support for direct discussions, negotiations, or legal proceedings
- Online portals for claims reporting and management
- Access to claims data from 100+ countries via IntelliRisk
Key Benefits
- Specialized claims professionals by line of business and product
- Dedicated claims teams for each risk solution
- Global reach and coordination across underwriting, clients, brokers, and claims
- Proactive partnership to identify and manage emerging risks
- Responsive, fair, and professional service
- Open and regular communication throughout the claim lifecycle
Who Is It For
- Individuals
- Businesses
- Brokers & Agents
- Risk Managers
- Policyholders in the U.S.
- Employers and employees (for Dental, Group Life, and AD&D claims)
- Clients and brokers with multinational programs
There for you before, during and after the claim
AIG's claims team partners with clients globally to handle claims with efficiency and empathy, offering unmatched service and proactive risk management.
The AIG Claims Advantage
- Claims Specialization: Specialized expertise by line of business and product.
- Customer Focused: Partnership with clients and brokers, delivering differentiated service and technical excellence.
- Global Reach: Support for clients around the world, coordinating across underwriting, clients, brokers, and claims.
Report a Claim
Each risk solution has a dedicated claims team. The process starts by clicking the button to get the appropriate contact information or next steps.
What to expect when you file a claim
AIG delivers responsive, fair, and professional service for every claim, maintaining open and regular communication throughout the claim lifecycle.
- Notification: Contact your local AIG office or broker to start the process.
- Assignment: Claim is assigned to a handler with matching skills and experience.
- Processing: Details are reviewed and relevant contacts established.
- Resolution: Support through direct discussions, negotiations, or legal proceedings.
See our Global Claims Capabilities
Meet the global claims leadership team and see how AIG can meet claims needs anywhere in the world.
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Our Ranking Methodology
How we rank these offerings
We ranked these Carbon Capture Insurance Firms in USA based on three key factors: Coverage Specificity (40% weight), Integration with Financing (35% weight), and Regulatory Compliance Support (25% weight). DUAL Underwriting scored highest because it offers comprehensive coverage for environmental damage, integration with CCS project financing, and support for regulatory compliance in different jurisdictions.
Ranking Criteria Weights:
Frequently Asked Questions
- What are the typical costs and pricing models for carbon capture insurance in the USA?
- Pricing models for carbon capture insurance vary significantly depending on the scope and scale of the covered risks. Risk Consulting firms offer brokered solutions that include customizable coverage for transportation and geological storage risks, which often require detailed risk assessments and can range dramatically in cost. For instance, Risk Retention provides a comprehensive policy for international operations, which can be priced based on project scale, exposure levels, and insurability expansions. Pricing tends to incorporate factors such as project size, risk profile, and financial security obligations related to CO2 leakages and replacements. The inclusion of coverage for non-damage triggers and business interruption can also affect pricing.
- What are the key selection criteria and considerations when choosing a carbon capture insurance provider?
- When selecting a carbon capture insurance provider, companies should evaluate the provider's expertise in handling CCS-specific risks and their ability to offer tailored solutions. Firms like DUAL Underwriting at Lloyd’s excel in providing dedicated capacity for leakage-risk mitigation, essential for project bankability. Considerations include evaluating the provider’s experience in underwriting for environmental and financial risks associated with Section 45Q tax credits, as provided by Claims Services. Ensuring the provider can accommodate comprehensive de-risking strategies and is financially robust enough to cover large-scale projects is crucial.
- What industry standards and compliance considerations do carbon capture insurance products address?
- Insurance products in the carbon capture sector address a range of industry standards and compliance considerations, such as the requirement to adhere to Section 45Q tax regulations, which are central to ensuring project financial viability. Claims Services provides tax insurance designed to protect against IRS challenges and recapture risks, which is key for compliance and securing tax equity. Additionally, DUAL Underwriting and Risk Retention stress the importance of covering environmental damage from CO2 leakages in compliance with international and local environmental standards. Providers typically offer policies that comply with national and international laws governing CO2 transportation and storage.
- What are the primary implementation challenges for carbon capture insurance and how are they addressed?
- Implementation challenges for carbon capture insurance include accurately assessing risk exposures and ensuring comprehensive coverage that accommodates potential CO2 leakages and tax credit losses. Risk Consulting firms address these challenges by offering custom risk assessments and developing solutions purpose-built for CCS project needs. DUAL Underwriting closes critical leakage-risk gaps to support project bankability, addressing potential financial losses from environmental damage. Collaboration with stakeholders, including financiers and technical experts, is often necessary to devise effective risk management strategies tailored to each project's requirements.
- How do carbon capture insurance products contribute to ROI and value delivery for CCS projects?
- Carbon capture insurance products enhance ROI and value delivery by mitigating financial risks associated with CO2 leakage, storage, and tax credit loss, thereby improving project financeability and stakeholder confidence. Claims Services ensures that U.S. CCS projects retain eligibility for Section 45Q tax credits, a significant component of project profitability. Risk Retention’s approach to de-risking the CCS value chain allows for expanded insurability, unlocking additional financing opportunities. Comprehensive coverage solutions from providers like DUAL Underwriting guarantee financial protection against sudden environmental damages, indirectly increasing project attractiveness to investors.
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