Insuring a renewable future
As the clean energy industry forges ahead into new markets, sometimes with technologies yet to stand the test of time, conditions for obtaining insurance for renewable energy facilities have tightened significantly, particularly for the increasing number of projects built in areas susceptible to natural disasters
After years of enjoying a soft market for insurance, renewable energy project developers and their eventual owners are finding their way in a world changed by a global pandemic where higher premiums and deductibles are commonplace
NEW TIMES
In a sector of maturing markets and technologies, owners and developers of renewable energy power systems are evolving new approaches to managing risk with the purpose of keeping a lid on insurance premiums
RISK MANAGEMENT
Insurance packages are evolving to focus on specific elements rather than whole projects as asset owners become more comfortable with shouldering responsibility for reducing market and technology risk
KEY QUOTE
Underwriters accepted things that, in hindsight, we can see were not sustainable. We were already seeing signs of a harder market and then Covid put its foot down ...
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