Tokio Marine launches green unit, eyes $1 billion revenues by 2030
LONDON, May 28 (Reuters) - Japanese insurer Tokio Marine (8766.T), opens new tab has set up a unit to insure activities linked to the low-carbon transition such as green hydrogen, shipping and cement and is targeting $1 billion in revenues by the end of the decade, its chair told Reuters.
The new unit, Tokio Marine GX (TMGX), will provide advisory and risk transfer services to companies across a range of sectors looking to decarbonise, and build on the existing work of its GCube renewable energy team, Fraser McLachlan said.
TMGX will offer up to $500 million in cover on any single risk and is targeting at least a 10% share of the global premium income market in 2030, estimated at around $10 billion, he said.
While some peers had already begun to write more transition-linked business, most had done so using existing sectoral teams rather than creating a dedicated unit, he said.
"We're going to rip up the rule-card a little bit here," McLachlan said.
"We're going to look at some new technologies, we're going to look at more sophisticated ways of being able to risk transfer business," such as offering insurance for tax credits and surety guarantees.
Launching with existing GCube headcount of around 50 and revenue of around $200 million, both would likely double over the next couple of years, he said. Parent Tokio Marine is the largest property and casualty insurer in Japan with a market value of around $70 billion.
Among the new technologies TMGX would look to cover include small and middle market nuclear, hydrogen, fuel cells, new solar technologies including floating solar and electric vehicles, he said.
"There's a lot of sectors that really haven't been served by the insurance space," McLachlan said.
Another area ripe for extra help was the market for tax credit insurance, where businesses get cover in case they are unable to access the credits as planned, thereby lowering their risk to bank lenders and the interest rate on borrowing.
"It's a win-win. Lenders love it as it transfers their risk; we like it, we're getting a premium for a risk we're comfortable with; and it allows the project to be financed at more equitable terms."
The company could also look to strike deals with managing general agents, intermediaries given authority by the insurer to write business in their name, saving them the time and expense of building out a team.
"It's a pretty quick win... it allows you instant access to a market," McLachlan said.
Finding more innovative ways to finance the risks associated with the transition was critical if the world is to hit its climate goals.
"Unless people start coming to the table with more creative insurance solutions ... we're going to see a lot of these projects stall," he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
39 minutes ago
- The Independent
Nintendo Switch 2 review: What our gaming experts like (and dislike) about the console
Nintendo Switch 2 design Alex Lee: When the courier handed me the Switch 2 inside a plain cardboard box (wait, no fireworks?), I was weirdly thrown by how compact the package felt. But I opened it cross-legged on the floor, and the console itself is… huge. Almost an inch bigger than the OLED, and once the new Joy-Con 2's snap on, it's basically a mini tablet. It's not far off the size of an iPad mini, but it's almost double the weight (and it's noticeable). There's now a USB-C port on the top – a small but huge quality-of-life tweak. I can play it in tabletop mode now while charging, without the cable jutting out from the bottom and making things wobbly. The new Joy-Cons are sleeker too, with a matte texture and rounded edges, making them feel less toy-like, though again, chunkier than the OLED ones. I really like the new kickstand, too. It's sturdier than the OLED's and adjusts a little more smoothly. You can still expand the storage, but your old microSD cards won't work on this one – you'll need to buy the new microSD Express cards. Then there's the dock. Refined to an inch of its life, it's narrower, more polished, and I love that I don't have to tear off the back cover to unplug cables – everything's accessible even with the plate on. It's not a huge redesign overall, but it's all a lot sturdier – I'm not scared of breaking it, as I was with the OG Switch or even the OLED. Jake Brigstock: One thing to add about the packaging – maybe a weird detail to call out – is how smartly it's done. The first thing you see is the console and Joy-Con, and for anyone eager to power it on straight away (no judgement), Nintendo has set things up so you can unpack gradually. Its design feels almost identical to the original Switch – just bigger, and without the bright, colourful Joy-Cons that became so synonymous with the first console. Looking at the unit itself, it's unmistakably a Switch. There's a real sense of familiarity for anyone who's used the original. My first impression? It feels like an upgrade rather than something completely new, and that becomes even more apparent once it's powered on. Nintendo Switch 2 set-up Jake: The onboarding process walks you through everything gradually. It doesn't rush you, and you don't feel overwhelmed. It teaches you how to connect the Joy-Cons, set up the dock and shows you the different ways the console can be used. Data transfer is easy. Setting up a new console sometimes makes me anxious, but moving games and saving data from the original Switch to the Switch 2 was the easiest I've ever seen it. It's quick, too. Once you're in and the home screen pops up, you'll notice one thing straight away – the UI looks more or less identical to the latest version on the original Switch. Again, there's a feeling of familiarity. It isn't necessarily a bad thing, but it doesn't always capture that 'new console feel'. It has been eight years since the Switch launched after all, but if it ain't broke... Alex: Jake's not wrong – this is the least stressful Nintendo setup I've ever experienced. I signed into my account, continued the transfer from my Switch OLED, and it all just worked. I didn't even have to keep the two consoles in the same room. It was super polished, and nothing went wrong. One thing to flag – and it's a big deal for anyone who needs it – is that while Nintendo has finally introduced a proper suite of accessibility features on the Switch 2 (a huge step for the access-averse company), you can't turn any of it on during setup. You have to get through the entire onboarding process before you can enable things like magnification, text-to-speech or high-contrast mode. Even then, features like text-to-speech still don't work across the whole system, including in places like the eShop. While Jake found the familiar UI comforting, I think it's a bit stale. The interface looks almost exactly the same as the original Switch, and Nintendo could've done more to make it feel like a true generational leap. That said, I'm happy to report that the eShop finally got the upgrade it needed. It's way snappier now – no more waiting around for game pages to load or menus to catch up. It's so much smoother and easier to navigate. Nintendo Switch 2 performance and play Alex: I'm mostly a TV gamer, so I've mainly been playing with the Switch 2 hooked up to my 4K HDR TV, and while it does look better than ever, most of the real upgrades aren't for docked play. When plugged in, you'll get prompted to calibrate HDR (a nice touch), and games like Mario Kart World look crisp, vibrant and colourful. However, there's still a lot missing compared to next-gen consoles. There's no HDMI 2.1 support, so if your TV can do 120Hz or VRR, you won't be taking advantage of it. There's no Dolby Atmos either – a bit of a letdown when you consider the Switch 2 does support spatial audio in handheld mode. That said, DLSS is doing some noticeable work when docked, especially with backwards-compatible games. Titles that looked soft on the original Switch, such as Super Mario Odyssey, now get surprisingly close to 4K. Handheld mode is where the Switch 2 really flexes. The bigger 1080p LCD screen might not be as rich or inky as the OLED panel on the Switch OLED, but it's sharp, bright, and looks brilliant in motion, especially at 120Hz. I'm a bit disappointed that there's no streaming support for Netflix, Disney+, Prime Video, BBC iPlayer, and the YouTube app isn't compatible (at launch, anyway). I think this is one thing that'll stop it from competing with Microsoft and Sony. It has the games and the fans, but it doesn't have the full entertainment platform to match its rivals. Jake: I'm also traditionally a console gamer, so my preferred way to play is curled up on the sofa, using the Switch 2 in docked mode – and it's in the display and performance where the upgrade really comes to the fore. When docked, the console can run at 4K resolution at up to 60fps, and the games I've played so far look incredible. HDR makes a noticeable difference here, too, adding more depth and richness to the image. That said, handheld mode has seriously impressed me. The 8in display runs at 1080p with support for 120fps, and the bigger screen makes a huge impact. It's sharp, fluid, and feels much more modern than what we had before. The backwards-compatible games I've tested that haven't had any updates seem to benefit. They load faster, run more smoothly and generally look better. As someone with a mountainous Nintendo back catalogue, the Switch 2 feels like the best way to revisit it all in glorious 120fps. Nintendo Switch 2 Joy-Cons Jake: The new Joy-Con controllers are bigger, and that's an incredibly welcome change. They feel more comfortable to hold, especially in longer sessions. One slight disappointment is that the wrist strap attachments no longer include the shoulder buttons like the original Switch, which made the controllers feel a bit more protected and functional when used horizontally. The Joy-Cons themselves feel familiar if you've used the original ones, just with a couple of key upgrades. The rumble has been improved (HD Rumble 2 is noticeably more precise), and the big new feature is the addition of mouse-style motion controls. I first tried these at Nintendo's preview event back in April, and they felt fun and intuitive in the right context. I gave them another go while playing Cyberpunk 2077, but to be honest, it wasn't really for me. As a console-first player, I naturally gravitated to the new Pro controller, which Nintendo kindly sent me to test. It's very similar to the last-gen one but includes a C button, HD Rumble 2, and now an aux port, which is great if you want to plug in wired headphones or a mic. Alex: One thing I keep doing – out of sheer muscle memory – is sliding the Joy-Cons on the old way. You don't need to anymore. The new magnetic attachment system means they just snap into place with a satisfying click, and it's so much easier than the old rail system. I didn't realise how awkward the original design was until I stopped using it. I'd also add that the HD Rumble 2 is absolutely fantastic – the vibrations are sharper and more detailed. It's frightening when you get shocked by lightning or blue-shelled in Mario Kart World. The Joy-Cons feel great overall, though I do find they're maybe a bit too big for my hands. It's not uncomfortable, just something I've noticed over longer sessions. The new dedicated GameChat button is a nice touch too, letting you quickly mute or jump into a chat during online games, something Nintendo's never really tackled before. However, the mouse controls are finicky and a little inaccurate. I think it's a nice feature to have, but I'll need to try it out with more compatible games. Right now, I don't think I'll be using it very often. It's worth flagging that older Joy-Cons don't work on the Switch 2, though the older Pro controller does work with the new system. While the new design feels sturdier, there's no official word yet on whether Nintendo has finally fixed the Joy-Con drift issue. Fingers crossed, but we'll have to wait and see. Nintendo Switch 2 features Alex: One of the biggest new features on the Switch 2 is GameChat – Nintendo's attempt at building social features directly into the console, so you can say goodbye to Discord calls. It's baked into the UI and works incredibly well. I tested this with another group of reporters, and I could jump into a group call from anywhere – whether I was mid-game or was just on the home screen, even if we were all playing different games. The new GameChat button on the Joy-Con and Pro controller made it easy to open up the menu, mute myself, turn on or off the camera or share my screen. I think it'll be a big deal for competitive gamers. The built-in mic is genuinely really good. It picks up my voice clearly from across the room and filters out background noise well enough that I didn't feel the need to grab a headset. It's not quite Discord-level quality, but it's really impressive. Then there's the new plug-in 1080p camera. Right now, there's not a huge amount you can do with it – it's mostly used for showing your mates' faces on screen while you play. When you're racing against your friends in Mario Kart World, their little face pops up above their kart in real-time. It's a bit uncanny and very Nintendo. What I did like was that, even when I was playing solo but plugged into a GameChat session, I could still see faces below the game screen, making it feel less lonely. The camera's not the best quality, but it's decent enough. There's definitely room for Nintendo to build on this. AR minigames are the big one – and the company's already hinted at this for Super Mario Party Jamboree. I've also seen some reports that third-party cameras work too, so you could get a higher-res one (and it might be cheaper, too). Another addition is GameShare, which lets someone else play your game locally, even if they don't own it. I've not been able to test this one yet, but it's a nice way to share games without splashing out on a second copy. It's a feature that was on the old Nintendo DS – I remember playing Super Mario Bros. with friends who didn't have a copy. Jake: GameChat is a great addition – and not just because it lets you see people's faces mid-race. What stood out to me was how much more social it made everything feel. When we played a Knockout Tour with three other reporters (including Alex), it was hilarious to watch everyone's reactions in real-time when the inevitable Mario Kart item chaos hit. I'm sure there was a collective groan when I crossed the line in first and celebrated with a smug fist bump – sorry, Alex. I'm especially excited to see how this plays out in Super Mario Party Jamboree TV Switch 2 Edition – the minigames are chaotic enough already, and seeing everyone's faces as it unfolds will only add to the fun. Nintendo Switch 2 games Jake: Now on to the most important part – games. A console is nothing without them. Aside from Mario Kart World (which I'll leave to Alex, as he's spent more time with it), the first-party launch line-up includes Nintendo Switch Welcome Tour. I'm firmly in the camp that if Astro's Playroom was free on the PS5, then Welcome Tour should be too. It's fine for what it is – a quick way to show off the new console features – but it's unremarkable. More exciting are the Switch 2 Editions of The Legend of Zelda: Breath of the Wild and Tears of the Kingdom, both of which look and run so much better than on the original console. Watching comparison footage is one thing, but experiencing it firsthand is another. Cyberpunk 2077 has been dubbed a 'miracle port' by some tech experts, and while CD Projekt Red downplayed how tough it was to get it running, it's still impressive, especially in handheld. From what I've seen, the game has stayed within the advertised performance limits, and – hot take, maybe – keeping motion blur on actually helps here. It adds to the cinematic look and smooths things out in a way that feels necessary. If a demanding title like this can run well on Switch 2, it could open the floodgates for more ambitious third-party games down the line. It's also great to see other titles like Split Fiction available at launch. While there are a few backwards compatibility quirks floating around, the vast majority of older games seem to run without issue, and I haven't encountered any problems myself. Alex: I'm more into my first-party Switch titles, so I've stuck to Mario Kart World, but I've also played Survival Kids – one of the new Switch 2 launch titles. I'm conflicted. Visually, Mario Kart World is one of the best-looking Nintendo games I've ever played. The art direction is stunning, and it really shines on the Switch 2's brighter screen. But the whole open world just feels... lonely? Soulless? You drive long straight stretches between tracks in Grand Prix mode, often through massive, empty spaces, just holding accelerate and praying for a coin. The intermissions between tracks feel more like corridors than actual racing, and I don't feel like the 24-person races add anything because of the vastness of the tracks. Worse still, most Grand Prix races only give you one lap on a proper circuit. I don't mind Nintendo trying something new, but I just wish there was an option for classic three-lap Grand Prix races (which I guess is just VS mode). Maybe it's just me being too used to Mario Kart 8 Deluxe, but everything here feels a bit too spread out. I needed a palate cleanser after the colourful, attention-grabbing Mario Kart World, so I gave Survival Kids a go. You and up to three friends are shipwrecked on an island, and the goal is to survive by chopping wood, cooking food, building tools and gliding over ravines with makeshift umbrellas. There's no real peril, it's just a nice, slow and gentle. Nintendo Switch 2 battery life Alex: Nintendo says the Switch 2 should last between two and six-and-a-half hours on a full charge, depending on what you're doing. I found that I got closer to the lower end of that spectrum while playing Mario Kart World and using GameChat. It'll probably last longer if you're not playing a CPU-intensive game and running GameChat at the same time, but at least it's easier to charge while gaming now. Jake: I got around two-and-a-half hours out of it while playing Mario Kart World with a few game downloads running in the background. You're not always going to be downloading while gaming, of course, but it's probably smart to top up before long sessions. Also, a small but welcome new feature is the option to cap charging at 90 per cent to help preserve battery health long-term. The console is physically bigger than the original, which makes it slightly less portable, but not to the point where I'd leave it behind.
The Independent
an hour ago
- The Independent
How much the average house price has changed in your region
Halifax reports a 0.4 per cent drop (£1,150) in average UK house prices between April and May, but property values have increased by over £7,000 in the last year. The annual rate of house price growth slowed to 2.5 per cent in May, down from 3.2 per cent in April, contrasting with Nationwide 's report of a 0.5 per cent increase in property values. Halifax indicates the housing market is largely stable, with average prices down only 0.2 per cent since the start of the year, absorbing the spring stamp duty surge. Tom Bill from Knight Frank notes that demand was front-loaded due to April's stamp duty deadline, leading to downward pressure on house prices. Halifax states the average house prices around the country include East Midlands (£244,754), Eastern England (£334,720), London (£542,017), North East (£175,174), North West (£240,823), South East (£391,253), South West (£304,519), West Midlands (£260,118), Yorkshire and the Humber (£213,983).
BBC News
an hour ago
- BBC News
London mayor urged to increase parking fees and tax on SUVs
Mayor of London Sir Sadiq Khan has been urged to seek to increase taxes and parking fees for Assembly Members agreed a motion calling on him to take action over fears the increasing size of cars is damaging roads, causing congestion and putting other road users at greater risk of death and serious assembly called on Sir Sadiq to ask the Treasury to amend vehicle excise duty to include a tax based on vehicle also wants the mayor to ask councils in the capital to consider charging more for parking larger cars, and to call on the Department for Transport to introduce stricter limits on the size and bonnet height of passenger vehicles. The motion was agreed by 14 votes in favour and eight have become more popular in recent years, with many drivers preferring the higher seating position. They accounted for a third of all new car registrations in the UK last year, compared with 12% a decade are generally taller, wider and heavier than traditional cars, and less size increase has been dubbed "carspreading".Labour London Assembly Member Elly Baker, who proposed the motion, said the capital's streets "weren't designed for larger vehicles like SUVs".She added: "Their greater size, weight, and higher bonnets put vulnerable road users at greater risk, reduce available parking spaces, and cause more wear and tear on our roads."It's time we took sensible steps to manage the impact of oversized cars and ensure our streets remain safe and accessible." AA president Edmund King insisted it was "up to Londoners to choose the type of vehicle that best fulfils their needs".He said: "It is not really the role of the London Assembly to dictate what cars individuals should drive."Some larger families may well need bigger vehicles with more passenger seats, whereas a driver conducting most trips alone may well choose a city car."London's streets were developed around the horse and cart, so of course our infrastructure needs modernising to keep up with change." A recent study found pedestrians and cyclists are 44% more likely to die if they are hit by an SUV or similar-sized vehicle rather than a traditional analysis by the London School of Hygiene and Tropical Medicine (LSHTM) and Imperial College London stated the figure rises to 82% for children.A Mayor of London spokesman said: "The mayor, Transport for London and borough partners are working to eliminate deaths and serious injuries on our roads, by expanding the cycle network, making road crossings and junctions safer, reducing speed limits on our roads, and making larger vehicles like HGVs and buses safer."This year the mayor will be refreshing his Vision Zero action plan to restate his commitment to reducing road danger and responding to new and emerging risks on our roads."The Treasury has been approached for comment.
