AssuredPartners’ Post

At Energy Insurance Americas today? Be sure to stop by the AdvantageGo booth. We're looking forward to discussing how our underwriting and exposure management solutions can help support exposure and risk managers in the energy and renewables insurance sectors. #insurance #exposuremanagement #riskmanagement #underwriting

As the #CarbonCaptureStorage (CCS) market forecast to grow rapidly over the coming years, in this article from the 2024 Energy Market Review, we explore CCS investment risks & regulatory variances in key jurisdictions, as well as examine whether the insurance market has adequately responded to operator needs. Find out more: https://ow.ly/jbLa50S1ZBr #Energy #RiskManagement #EMR2024

Celebrating Progress, Embracing Challenges! On this Global Energy Independence Day, we commemorate the strides toward #sustainable and self-reliant #energy #solutions that promise to shape a brighter, greener future. As we push the boundaries of innovation and technology in our quest for energy independence, the role of the insurance industry in managing associated risks has never been more vital. Transitioning to renewable energy sources and achieving energy independence involves navigating a myriad of risks - from technological failures and natural disasters to cyber threats and regulatory changes. For instance, the integration of wind and solar energy systems introduces new vulnerabilities, such as equipment malfunctions and weather-related disruptions, which can significantly impact energy production and supply. The Insurance Industry: A Pillar of Support The insurance industry plays a pivotal role in this transition by offering tailored solutions that mitigate these risks and ensure the continuity of operations. Coverage options such as renewable energy insurance, cyber liability insurance, and business interruption insurance are essential in protecting investments and fostering a #resilient #energy #infrastructure. Achieving #globalenergyindependence requires a collaborative effort involving insurers, risk managers, and industry stakeholders to develop comprehensive strategies that address emerging risks and promote sustainable practices. As we celebrate Global Energy Independence Day, let us recognize the incredible progress made in renewable energy and the crucial role of risk management and insurance in this journey. Together, we can build a future where energy is not only sustainable and independent but also resilient and secure. #GlobalEnergyIndependenceDay #RenewableEnergy #RiskManagement #SustainableFuture #EnergySecurity #GreenEnergy #ClimateAction #Resilience #webelieve #jbboda #insurance #reinsurance #insurancecompany #insurancebrokers #bfsi

Energy Package Insurance: Powering Your Protection In the dynamic world of energy, where assets like oil rigs, solar farms, gas plants, and pipelines play a critical role, even a minor disruption can lead to significant losses. Whether you’re involved in oil and gas, renewable energy, or electricity distribution, ensuring uninterrupted operations is crucial. This is where Energy Package Insurance comes in. It’s designed to protect businesses in the energy sector from unexpected risks such as equipment breakdowns, natural disasters, theft, or accidents. It covers everything from physical assets to third-party liabilities, helping you mitigate financial losses and keep your operations running smoothly. At GreenLeaf Insurance Brokers, we specialize in providing tailored insurance solutions to power up your business and protect your investments. Let us help you secure comprehensive coverage so that you can focus on driving energy solutions forward. Ready to safeguard your energy investments? Contact us today to explore your options! Hashtags: #EnergyInsurance #BusinessProtection #RiskManagement #InsuranceInLagos #InsuranceInNigeria #InsuranceBrokersInNigeria #GreenLeafInsurance

Innovation happens here! Hannah Jennings, Global Carbon Capture and Storage Initiative Leader, Energy and Power, Marsh Specialty, commented: “Carbon capture, utilisation and storage has a fundamental role to play in reducing emissions globally and delivering the net zero energy system. Designed to support the upstream energy market as it adapts to the energy transition, Marsh Specialty’s new solution not only represents a meaningful shift in the parameters of traditional energy insurance but also delivers greater certainty and confidence to investors and users of CCS mechanisms.” Marsh’s solution introduces coverage for CO2 leakage without requiring physical damage. It covers the costs for corrective actions and business interruptions caused by such leaks. Additionally, it offers compensation for acquiring carbon credits to offset any leaked CO2, depending on the project’s location. #energytransition #energytransformation #energyaddition #energy #risk #riskmanagement #insurance #marsh Jane Smith Fernando Orellana David Lindqvist Benjamin Chang Joanne Silberberg Guy Bessis Everett Hansen Susan Gonzales Richard Blades Tracey Cole Matthew Begnaud Lisa Chines

Renewable energy projects are driving us towards a sustainable future. But they also bring unique liability risks. From environmental impacts and operational failures to third-party injuries, the risks are multifaceted. Specialized coverage is essential for protecting and ensuring the success of these projects. #RenewableEnergy #Sustainability #Insurance #LiabilityCoverage #GreenEnergy #MandarinRe #reinsurance #climatechange #liabilityrisks #risks #riskmanagement #solarpanel

Swiss Re, a leading global reinsurance company, has outlined key ways insurers can support the renewable energy transition. This insight comes at a critical time when global renewable energy capacity is expected to increase by a third this year. This increase is driven by energy security concerns, higher fuel prices, and supportive policy measures in major economies like the US, EU, and India. Despite this progress, a significant green financing gap remains that needs to be addressed to achieve net-zero ambitions. The insight highlights the crucial role of the re/insurance industry in facilitating the shift from traditional hydrocarbon-based assets to renewable energy sources. It emphasizes the need for innovative approaches to risk management and product development to unlock necessary capital and accelerate the green transition. The article outlines several key considerations for risk management and insurance professionals: 1. Unique Risk Profiles: Renewable energy projects present distinct challenges, including high up-front investments, uncertain returns, and risks associated with novel technologies. 2. Climate Change Impacts: Increasing severe weather events add to the potential hazards for renewable projects. 3. Parametric Offerings: Developing insurance solutions that pay out claims based on bespoke thresholds. 4. Construction Phase Risks: Underwriting risks during the construction phase of renewable energy projects. 5. Output Guarantees: Facilitating guarantees to ensure a base level of returns for investors and operators. The analysis highlights the systemic change required to meet carbon-curbing targets in the Paris Agreement and emphasizes the insurance industry's vital role in managing this transition. #RiskManagement #Insurance #EnterpriseRiskManagement #RenewableEnergy #Sustainability #GreenBonds #ClimateAction #DataAnalytics #AI #EnergyTransition #Innovation #StrategicPartnerships #NetZero #CarbonCapture #PolicyAdvocacy #KnowledgeSharing

⚡The energy storage industry has been witnessing exponential growth📈 over the past few years. This past month, a total of 4,452 MW of storage have been announced (in comparison, 1,138 MW were announced in May 2023).  However, as the industry grows, inherent risks such as fires do, too, pushing the insurance market to evolve and cover typical construction risks in addition to tailored BESS-specific risks. This month, we provide an analysis of the current insurance market for storage and a guide to key considerations when securing insurance for your project. So, this is just a reminder🔔 that a new Update From The Field for June 2024 is already available for our subscribers.  The report was done by✨ Pauline Bernard, Salomé Perperot, Amira Belazougui, Naim El Chami, Kréhi Serge AGBLI Check our website to get your hands on this edition or find reports on specific subjects you are interested in! ➡ https://lnkd.in/e6ZBYHxW Stay ahead of the curve! #updatefromthefield #focusofthemonth #energystorage #bess #insurance

StateUp is a current participant in Lloyd's Lab, the key innovation hub for the Lloyd's of London insurance market. As we hit the halfway point, I'm sharing some observations on the collaborative need and potential between insurers and governments to drive the growth and implementation of renewable energy technologies, such as solar photovoltaics, offshore wind, and battery energy storage systems, critical to future energy resilience.  Both governments and insurers face a common challenge: new technologies, and their roll-out in diverse locations, bring unseen risks and vulnerabilities, exacerbated by data gaps and lack of historical pattern recognition. Data on oil goes back centuries. Data on photovoltaics does not. Layered with systemic risks such as geopolitical conflicts and the climate crisis, this compounding mix of underdeveloped data and uncertain conditions complicates risk assessment, and investment and underwriting decision-making. Yet it’s exactly these choices that our energy resilience depends upon. They must collaborate to innovate, from new risk-sharing models, to supporting re-skilling programmes, and enabling a greater level of regulatory engagement.  Achieving energy resilience and unlocking the projected $3.6 trillion renewable energy market by 2030 (IEA) will require a cross-sectoral ecosystem capable of identifying and managing evolving risks. More about what we're developing at StateUp soon! https://lnkd.in/dg_8ku_c

⚠️ Only 2 days left to register!♻Let's explore the challenges and opportunities #renewable energy projects face when mitigating wildfire risks 🔥 Join Insurance Insider, in partnership with AXIS (AXIS Capital), for a free webinar, register free now: https://bit.ly/3UE2nLO 🕓 Time: 11:00 ET/16:00 BT 📆 Date: April 17 Discussion Questions: 🚀Overview of the insurance market for renewable energy: what lines can be impacted by wildfire? 🚀What risk management approaches should be used when planning, building and operating renewable energy projects? 🚀Before the fire: how to mitigate wildfire risk and how insurance can help in building resilience 🚀After the fire: how to successfully adjust losses when the long-term damage to equipment may not be readily apparent 🚀Other challenges including inflation, labor shortages, supply chain issues and the evolving regulatory environment Panel: Sam Walsh, Head of US Renewable Energy, AXIS (AXIS Capital) Michael Kolodner, Global Renewable Energy & US Power Leader, Marsh Miguel Hernández, Renewable Energy Adjuster, Global Risk Solutions Moderator: Meg Green, Senior Editor, Insurance Insider 📃 Subscribe to our free Insider On Air Newsletter for further updates: https://bit.ly/3UHUmWs #webinar #InsiderOnAir