General Insurance Article - WTW Renewable Energy Market Review post COP26


The accelerating growth of the renewable energy sector continues as companies are looking to transition to a low carbon environment. The speed of growth is also creating significant demand for building resilience against climate change, according to WTW at the launch of its annual Renewable Energy Market Review.

 The report also outlines how the renewables insurance market is stabilizing with low to mid single-digit price increases expected in 2022. Some of the key challenges besetting the renewables insurance market include aged assets, operation & maintenance and spares, natural catastrophe risk, contractor experience, lender obligations, the pace of technological change and COVID-19 related supply chain interruption risks.

 Graham Knight, Head of Global Natural Resources, WTW, said: “The renewable energy industry is transforming at a speed which can be difficult to track. This can be seen in the record growth in solar PV and wind capacity additions - beating the previous year’s record - as well as the increasing interest from insurers in offshore wind and hydrogen, where synergies in environment and technology strategies are available. This creates an incredibly complex and fast evolving environment for the sector, so it is essential that organisations understand how to manage not only the speed of growth but also the emerging risks that arise, such as supply chain issues. At WTW, we are helping renewable energy companies navigate this complex risk terrain by providing innovative solutions which can help mitigate risk in this fast-growing sector.”

  Renewable Energy Market Review.

Back to Index


Similar News to this Story

Over 40 percent of pet owners have no pet insurance
The COVID-19 pandemic has led to pet ownership soaring in the UK, yet growth of the pet insurance market is lagging behind this trend with price provi
LIIBAs 2022 agenda responds to unprecedented pace of change
Putting London’s insurance brokers at the heart of the debate about how best to achieve net zero is one of broker body LIIBA’s key goals for 2022, a y
Over half who bought income protection did because of Covid
According to findings from GlobalData’s 2020–21 UK Insurance Consumer Surveys, 52% of UK consumers in 2021, compared to 37.4% in 2020, stated that the

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.