Q & A

About Renewable Energy Insurance

 What is renewable energy insurance about?
Renewable Energy Insurance can be designed to cover a wide range risks for all types of technologies from wind turbines through to hydro power plants. Essentially it helps to protect the financial interests of companies involved in the Renewable Energy industry including investors, manufacturers, project developers and utilities. We see many risks in this industry be it from fire, storm or theft right through to project delays and machinery failure. Insurance products for this industry should ensure that should trouble strike that the customer is back operational again as soon as possible, helping to protect their financial investment.

 What is the global trend of renewable energy insurance?
The Renewable Energy industry is very dynamic. Analysts forecast that the industry that more than £360bn will be invested over the next five years alone. As such we are seeing many innovations. Technology is evolving, projects are getting bigger and new areas around the world are being opened up to exploit the potential that Renewable Energy sources can provide. With this fast pace of change insurers need to have great depth in expertise to ensure that their clients interests are still fully protected.

About RSA Renewable Energy service

 When did RSA launch renewable energy insurance and what are the key services RSA provides?
 RSA have been involved in Renewable Energy insurance for over 25 years, we even insured the first offshore wind farm over 15 years. As such we have grown up with the industry. In 2007 we launched a global Renewable Energy business to use our expertise on a greater scale and open up opportunities in new areas.
In terms of key services, we do more than just act as an underwriter of insurance risks. We also pride ourselves in the great expertise of our claims team and risk engineers who help to protect the investments of our customers.

 What is RSA renewable energy’s key achievement since its launch?
 We have had many achievements since the launch or our Renewable Energy business. We have worked with some excellent brokers and customers and put insurance programmes in place for some of the largest Renewable Energy projects in the world.
In addition, it is great to see all of our operations around the world working together as a global team, sharing knowledge and expertise to help provide insurance solutions to the Renewable Energy industry, this teamwork has helped us grow by 30% in the last year.