First underwriter of political risk insurance enters the CORSIA market

Gold Standard has approved a fifth insurance policy for use by project developers seeking eligibility for Gold Standard Verified Emission Reductions (GS-VERs) under the first and second phases of the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).

Gold Standard has today added the Sovereign Corresponding Adjustment Revocation & Enforced Withdrawal (SCREW) policy provided by Blenheim Partnerships Limited to its list of approved insurance policies. This follows an independent assessment by Howden, who were appointed by Gold Standard in 2025 to review the consistency of insurance policies with Gold Standard's criteria.

The approval of Blenheim's policy marks the entry to the CORSIA market of the first traditional political risk insurer. It is expected to increase the overall insurance capacity available for projects seeking to supply credits for CORSIA, at a time when the volume of eligible credits remains well below projected demand in CORSIA's first phase. 

“As demand grows under CORSIA in the coming years, the supply of high-quality eligible credits will also need to scale up. Expanding the pool of approved insurance providers, through recognition of Blenheim's new policy, is one of the ways in which Gold Standard is helping project developers to supply the CORSIA market from strong foundations."  

Sarah Leugers, Chief Growth Officer, Gold Standard

“Once again, it’s clear to see Blenheim Partnerships is leading the market in bringing together political risk expertise and experience in bespoke underwriting to address a clear and growing need in the carbon markets as highlighted by brokers and clients alike. Under the Blenheim banner, our focus is on listening to the market and delivering relevant solutions that reflect both the complexity of carbon credits and the realities of sovereign and regulatory risk.”

Ed Parker, Senior Underwriter, Special Risks, Blenheim Partnerships

Since the first approvals of private insurance policies in October 2025, three project developers have used insurance to secure the labelling of credits for CORSIA’s first phase, for projects based in Rwanda and Tanzania. Gold Standard launched a Request for Proposals this May for a planned review of its process for assessing insurance policies for use under CORSIA. The outcomes of this review are expected before the first annual re-assessments of approved policies in the autumn. 

Background

Gold Standard is approved by the International Civil Aviation Organization (ICAO) to supply Eligible Emissions Units for use under CORSIA's First Phase (2024-26) and the first part of its Second Phase (2027-29). Carbon credits must comply with ICAO's eligibility criteria and conditions, including the avoidance of double claiming, in order to be eligible.  

Gold Standard has established a process to recognise insurance policies as Approved Insurance Policies from third-party private insurance companies to support guarantees for the avoidance of double-claiming under CORSIA. Prior to today's announcement, Gold Standard has recognised the following as an Approved Insurance Policy:

1.  Multilateral Investment Guarantee Agency (MIGA): Breach of contract coverage provided by the Multilateral Investment Guarantee Agency.
2. Artio MGA Services Limited: CORSIA Adjustment Cover provided by Artio.
3. CFC Underwriting Limited (CFC): CORSIA Guarantee Insurance provided by CFC.
4. Oka, The Carbon Insurance Company™: Corresponding Adjustment Protect™ insurance policy, provided by Oka Syndicate 1922, a Lloyd's of London syndicate.