Oka, The Carbon Insurance Company (Oka) has introduced a lineslip for its innovative Article 6 insurance solution, Corresponding Adjustment Protect.
Corresponding Adjustment Protect is the first-ever policy designed to protect voluntary carbon credits traded in compliance markets. It safeguards project developers and their clients against the risk of Article 6 revocation if a host country fails to apply the required corresponding adjustment to the issued credits. The policy is underwritten by Lloyd’s Oka Syndicate 1922.
The lineslip brings together insurance capacity from several major Lloyd’s syndicates, including Apollo and Hiscox, and is facilitated by broker Guy Carpenter.
Led by Oka, this alliance underscores the insurance industry’s growing interest in global carbon markets and its commitment to building the infrastructure necessary for scaling them.
Hayley Budd, Innovation Class Lead at Apollo, commented, “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.”
