In the latest episode of our Energy Transition Talks series, Peter Warren and Daren Rudd discuss the critical role of the insurance industry in supporting low carbon energy projects. They explore how innovative insurance solutions can help manage risks associated with new technologies, the importance of data sharing between the energy and insurance sectors, and the potential for future collaboration to enhance risk management and reduce costs.
The transition to sustainable energy depends on major investment in innovative technologies including wind farms, solar, and hydrogen and battery storage. The success of these types of capital-intensive projects often depends on having insurance in place to help manage the inherent risk of financing large low carbon energy projects.
The insurance industry has a long history of innovation that aligns with the way the energy market is transitioning. Lloyds of London, explains Daren, was originally established to insure trade ships travelling to India. Likewise, in the late 1890’s the company that insured the Chicago World Fair—the first to be fully powered by electricity—established the standards and the analysis for energy and electricity assets going forward.
“For a couple hundred years, we've been very innovative in terms of coming up with new mechanisms and ways of working to insure and allow these big programs and these innovative new industries to grow…Insurers and the industry can work together to deliver a better result, particularly where innovative new things are working.”
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