Japanese insurer Tokio Marine has established a new unit, Tokio Marine GX (TMGX), focused on providing insurance services for activities related to the low-carbon transition, including green hydrogen, shipping, and cement. The chair of Tokio Marine, Fraser McLachlan, shared that TMGX aims to generate $1 billion in revenues by the end of the decade. The unit plans to offer advisory and risk transfer services to companies across various sectors looking to decarbonize. TMGX is targeting a significant share of the global premium income market by 2030 and is prepared to provide up to $500 million in cover for a single risk. The company is committed to exploring new technologies such as hydrogen, fuel cells, and electric vehicles through TMGX. By doubling the headcount and revenue of its existing GCube renewable energy team, TMGX intends to expand its operations and cater to sectors that have not been adequately served by traditional insurance providers. Fraser McLachlan emphasized the importance of innovative insurance solutions to finance risks associated with the transition to a low-carbon economy, stressing the need for creative approaches to support projects aligned with global climate goals. TMGX is also exploring collaborations with managing general agents to streamline its business operations and enhance market access. By offering unique insurance products, Tokio Marine aims to facilitate the financing of crucial projects and contribute to the achievement of sustainable development objectives.