Renewable Energy - "How to manage rising insurance costs for your solar assets?!" Join my Webinar today at 11:00 am CET. While Denmark is facing a discussion about building a solar park without a fence at the lowest costs, the Netherlands are currently in the focus of every insurer when it comes to solar park assets. And the premium rates tend from 1 per mille to 3 per mille - so, a wide range where you can easily triple your insurance costs without having a strategy and being insurance resilient. Join us for some insights tailored for solar asset owners, developers, and operators as we delve into the evolving landscape of solar insurances. As the industry witnesses rising insurance costs, among others due to extreme weather events, it's crucial to understand how to effectively manage these expenses. We will share strategies on adjusting financial models to accommodate escalating and unpredictable insurance costs, ensuring your projects remain financially viable. I am really looking forward to discuss and evaluate the current developments with Niklas Will, CFA from Encavis AG and José Joaquin Munoz Osuna from Capcora. And many thanks Solarplaza, Celina Gundlach & Nicola Belafatti for organizing the webinar. Please register here: https://lnkd.in/eAm84KRK
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Construction, Engineering, Energy, Power, and Renewable Loss Adjuster - LLB (Hons) Dip CII (Claims) FCILA FUEDI-ELAE FIFFA ACILEx MInstLM BDMA Ins.Tech
Interesting article discussing how parametric insurance arrangements for index-based weather risks for the renewable sector #insurance #renewables #parametric
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The recent challenges in the solar insurance landscape highlighted in the PV Tech article underscore the need for innovative solutions. As we navigate the evolving dynamics of the solar industry, Descartes Underwriting and our parametric approach has proven to be a safeguard for emerging challenges in the solar industry. https://lnkd.in/gzFe2qWs Why Parametric Insurance for Solar Panels? 1️⃣ Precision in Risk Assessment: Parametric insurance relies on predetermined triggers and can be customized to fill the gaps left in your traditional insurance placement. 2️⃣ Faster Payouts: Traditional insurance claims can be lengthy and complex. Parametric insurance automates the payout process based on predefined parameters, ensuring quicker access to funds in the event of covered losses. 3️⃣ Transparent and Predictable: With clear trigger points, stakeholders have a transparent understanding of when and how insurance benefits are activated. This predictability enhances risk management strategies. 4️⃣ Mitigating Business Interruption Risks: The tightening terms in business interruption coverage necessitate proactive risk mitigation. Parametric insurance offers a proactive approach by addressing specific risks that could lead to business interruptions, aligning with the evolving insurance landscape. 5️⃣ Tailored to Solar Dynamics: Solar energy production is influenced by various factors. Parametric insurance allows customization, aligning coverage with the unique challenges faced by solar panels, ensuring comprehensive protection. In the face of industry challenges, embracing parametric insurance empowers solar stakeholders to fortify their investments and ensure long-term sustainability. Let's explore innovative avenues to propel the solar industry forward and build a resilient future together! #SolarEnergy #ParametricInsurance #InnovationInInsurance #renewableenergy
The perfect storm: Why solar insurers are tightening business interruption and equipment breakdown terms
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INTERNATIONAL INSURANCE AWARENESS DAY ⚡️ Understanding Solar PV Insurance for Net-Metering Rooftop Solutions 🏠 In our 15 years of experience in the solar industry, we've noticed a significant range in how insurance companies handle coverage for rooftop solar PV systems under Net-Metering arrangements. This post aims to clarify what customers can expect when it comes to insurance premiums. 1. Insurance Premium Variability: The cost of insurance for solar PV systems can vary widely, typically ranging from $0 to over $200 annually. This variation largely depends on the insurance provider's policies and their familiarity with insuring solar installations. 2. Impact of Insurance Provider Awareness: We have found that insurance companies like Co-operators and Intact are proactive in supporting renewable energy initiatives. They often do not charge additional premiums for solar PV systems installed on rooftops, recognizing the safety and reliability of modern solar technologies. 3. Challenges with Some Insurance Providers: Not all insurance companies are equally supportive. Some providers either refuse to insure rooftop solar altogether or impose substantial premiums. This disparity highlights the importance of choosing an insurer knowledgeable about solar PV systems. 4. Importance of Consulting Your Broker: Given this variability, we always advise our customers to consult their insurance broker before installing a rooftop solar PV system. A knowledgeable broker can navigate the complexities of insurance policies, ensuring adequate coverage without unnecessary costs. 5. Customer Experience Insights: Through our interactions, we've found that proactive communication with insurers and brokers is crucial. Educating insurers about the safety and benefits of solar PV systems often results in fairer premiums or even no additional cost, as seen with forward-thinking providers. Conclusion: By staying informed and working with insurers who understand solar, homeowners can secure cost-effective coverage for their renewable energy investments. 🔗 Have questions about solar PV insurance or want to share your experience? Let's start a conversation below! #SolarPower #RenewableEnergy #NetMetering #Insurance #SolarPV #EnergyEfficiency #GreenEnergy
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The Ministry of New and Renewable Energy (MNRE) has released an updated list of insurers providing specialized insurance products tailored for #solarpowerplants. Insurance Regulatory and Development Authority of India #solarenergy #renewableenergy #EnergeticaIndia
MNRE Releases Updated List of Insurers Offering Insurance for Solar Power Plants - Asia Pacific | Energetica India Magazine
energetica-india.net
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Navigate the world of solar panel insurance with confidence! Our latest blog post covers everything you need to know to safeguard your solar investment. #SolarEnergy #RenewableResources #Insurance
Navigating Solar Panel Insurance: Safeguarding your Investment in the Sunshine State
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Founder & Co-CEO @ TWAICE Accelerating the energy transition with AI-supported analytics & simulation software to develop, validate and operate batteries at scale.
The largest green energy conference “The smarter E” is in front of us. And therefore, I'm even more excited to share that TWAICE has partnered with NARDAC to improve insurance coverage for Battery Energy Storage Systems (BESS). In this collaboration we are addressing long-standing challenges in securing adequate insurance: Key Highlights: 🔋 Proactive Risk Mitigation: By integrating advanced battery analytics with existing mitigation strategies, we can identify and address potential safety issues in advance. This proactive approach significantly reduces the likelihood of catastrophic events like thermal runaway, which have historically deterred insurers. 💰 Improved Insurance Terms: The combination of real-time analytics with AI and traditional risk mitigation strategies allows insurers to offer better coverage terms. This is a game-changer for BESS asset owners, investors, and lenders, making it easier to secure financing and lower development costs. As Tom Harries, Partner at NARDAC, aptly puts it, “The pipeline for BESS projects globally is transformative for further deployment of renewable energy. However, without better management of risks like thermal runaway, insurance capacity will decrease, premiums will rise, financing will be harder to secure, and battery development costs will remain high.” ✅ Research-Backed Insights: Collaborative research with EPRI and Pacific Northwest National Laboratory indicates 97% reduction in energy storage failures since 2018. Despite this, the severity of incidents remains high, making advanced monitoring and analytics crucial. Our partnership with NARDAC leverages these insights to provide tangible financial benefits to the entire energy storage market. Together with NARDAC, we have published a comprehensive whitepaper detailing how data-driven approaches to BESS health can enhance safety and optimize insurance policies. This whitepaper is a must-read for anyone involved in the BESS market 🚀 🔗 Download the whitepaper here 👉🏻 https://lnkd.in/dGVDuRPh Let's embrace innovative technologies and partnerships to transform the future of energy storage insurance. #EnergyStorage #BatteryAnalytics #InsuranceInnovation #TWAICE #NARDAC #RenewableEnergy
Insurance partnership Nardac | TWAICE
twaice.com
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The upstream energy insurance market is experiencing a softening trend, with improving terms on property insurance renewals in most subsectors of upstream energy, according to Gallagher. The midstream market has seen a tightening of policy terms and conditions, while the downstream market is softening with increased capacity. More 👉https://ow.ly/MVQX50TzVaT Gallagher #EnergyInsurance
Gallagher highlights softening energy insurance market
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The reality of the carbon capture and storage (CCS) value chain is that most of the associated risks are within the business-as-usual appetite for the insurance industry. The construction and operation of the #CCS are technology and associated #risks well understood and don't let anyone tell you otherwise. Where innovation is needed is going beyond the usual to address critical insurance limitations that have previously hindered the rapid advancement of the CCS industry. Here is a game changer. Created by #Marsh’s Energy & Power team and underwritten by #Canopius, the solution provides comprehensive coverage that enables operators to meet their financial security obligations when captured CO2 is being transported and injected into suitable geological structures. Traditional #insurance provision for these risks requires physical damage or disruption to operations caused by an out-of-control well in order for a claim to be made. Our solution adds a new non-damage trigger for the geological leakage of CO2, providing an indemnification for the costs of corrective measures, as well as a trigger for the associated #businessinterruption. The innovative solution also includes an indemnification for the costs incurred to acquire #carboncredits to compensate for any CO2 that leaks, where applicable to the project's geography. This indemnification is available across the leak removal chain, whether the leak occurs from scheduled onshore facilities, the CO2 pipeline or ship, or from the storage complex itself. The race to net-zero is chaotic, challenging and requires new technologies for power generation, transportation, energy storage, and industrial production and it's critical the risk transfer industry step up to create new insurance solutions to facilitate the commercialisation of new technology. Often not discussed, the hard truth of innovation - deep expertise is required. Let's all work together to move the needle in the right direction. https://lnkd.in/gQmXPg38
Marsh launches first-of-its-kind insurance solution for global CO2 transport and storage projects | Marsh
marsh.com
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𝗦𝗼𝗹𝗮𝗿 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 𝟮𝟬𝟮𝟰-𝟮𝟬𝟯𝟭. 𝗚𝗹𝗼𝗯𝗮𝗹 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 This comprehensive report provides a detailed and thorough analysis of the global Solar Insurance market, offering both quantitative and qualitative assessments across various companies, regions, countries, types, and applications. It explores the dynamic landscape of the market, analyzing competition, supply and demand dynamics, and key factors influencing demand trends in diverse markets. The report includes in-depth company profiles, product examples from selected competitors, and estimates of market share for leading players in 2024. By segmenting the Solar Insurance market based on type and application, the report provides precise calculations and forecasts for consumption value from 2024 to 2031. This detailed analysis is designed to assist businesses in expanding their operations by effectively targeting specific niche markets. 𝗧𝗼 𝗞𝗻𝗼𝘄 𝗚𝗹𝗼𝗯𝗮𝗹 𝗦𝗰𝗼𝗽𝗲 𝗮𝗻𝗱 𝗗𝗲𝗺𝗮𝗻𝗱 𝗼𝗳 𝗦𝗼𝗹𝗮𝗿 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗠𝗮𝗿𝗸𝗲𝘁. 𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝗳𝗼𝗿 𝗦𝗮𝗺𝗽𝗹𝗲 𝗣𝗗𝗙: https://lnkd.in/dBQxxcqS *𝗕𝘆 𝗧𝘆𝗽𝗲: Solar Panel Property Insurance, Solar Contractor Insurance, Solar Panel Production Insurance, Solar Floater and Builder's Risk Insurance, Solar Installation Performance Warranty Insurance, Others *𝗕𝘆 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Manufacturer, Contractor, Installed Clients *𝗕𝘆 𝗥𝗲𝗴𝗶𝗼𝗻: North America, Europe, Asia-Pacific, South America, Middle East & Africa *𝗕𝘆 𝗞𝗲𝘆 𝗣𝗹𝗮𝘆𝗲𝗿𝘀: Solarif Group, ADF Insurance Brokers Ltd, Anora Agency, Aviva, AXELENT Partners, Blackfriars Group, Canopius Group, Chubb, Daulby Read Insurance Brokers Ltd, Energi Insurance Services, Inc., Global Insurance Brokers Private Limited, an Aon company, Helvetia Insurance Switzerland, HSBC, Hybrid Financial Ltd., Marsh, Naturesave Insurance, Nviro Insurance, Park Insurance #solarinsurance #renewableenergy #insuranceindustry #solarpower #solarpanels #solarenergy #solarcoverage #cleanenergy #renewables #insurancecoverage #solarprotection #insurancepolicy #solarinstallations #solarprojects #solarpv #solararray #solarfarm #solarinvestment #insurancebroker #solarcontractors #renewableinsurance #insuranceclaims #renewableinvestment #solarbusiness #solarinstallers #renewablecoverage #renewableprojects #solarwarranty #insuranceproviders #solardevelopment #solarfinancing
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Publisher, Conferencing, Sales & Marketing Specialist in the reinsurance/insurance/financial markets for 40 years. Used to travel around a lot. Now I don't.
Energy underwriting is changing to reflect society’s transition to a cleaner future International Union of Marine Insurance (IUMI) Global premiums relating to the Offshore Energy sector continued to grow following the oil price slump of some years ago. Premiums in 2023 were reported as USD 4.6 billion representing a 4.6% increase on the previous year. This was largely on the back of the oil price having stabilised at a relatively healthy level which was driving renewed offshore activity. Although claims from reactivation had been largely benign, 2023 witnessed an increase in losses which was impacting on overall loss ratios which were beginning to underperform when compared with the years 2020-2022. In general, the role of the offshore energy underwriter was changing to mirror how clients were decarbonising. Melanie Raven, Chair of IUMI’s Offshore Energy Committee explained: “Offshore oil & gas is extremely important and will continue to be so for many years to come. Society needs energy companies to continue to invest in fossil fuels to enable more efficient and less carbon intensive extraction. This will allow a more effective and manageable transition to renewable energy sources. Recently, the IEA reported a USD 3 trillion global energy investment with two-thirds of this going to clean energy technologies. This demonstrates how fast these companies are moving towards a cleaner future and gives a call-to-action for energy underwriters to follow suit. Forward looking energy insurers are already reinforcing their long-term partnerships with their clients to fully understand the new and innovative activities underway or in the pipeline. It is not always easy for underwriters to fully understand these imaginative and not-seen-before projects and many will need to adapt the way they currently operate. Underwriters cover risk based on historical data but this simply doesn’t exist for these new projects and technologies. Underwriters will need to work hard to establish deep and trusting partnerships with their assureds so that new and relevant insurance products can be created. Similarly, we will also need to encourage the support of our capital providers. As projects get underway, I’m sure we will see a continued, if not enhanced, need for on-site surveyors to be insurers’ eyes and ears, reporting on progress and what is likely to be a developing risk profile.” Melanie Raven also commented on internal reorganisation within many insurance companies encouraging their energy underwriters to become “hybrid”. Underwriters have tended to specialise in upstream, downstream or power but many were now re-skilling to understand traditional fossil fuel activities as well as renewables. This was to mirror their clients’ activities allowing them to offer a more comprehensive and combined offer. https://lnkd.in/er3gK4yi
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Looking forward to it!