Insurance and reinsurance marketplace Lloyd’s has launched a new renewable energy consortium for the APAC region and supporting countries.
Developed by the Lloyd’s Asia platform, the consortium pools underwriting expertise and capacity among the participating syndicates for renewable energy risks.
The new consortium has been developed by Chaucer, Markel, and Munich Re Syndicate Ltd (MRSL) and has a maximum working capacity of $100 million per project.
Lloyd’s sees it as well-positioned to capitalise on growth opportunities in the renewable energy sector, such as onshore construction, as well as the operational risks of solar and wind energy projects.
Solar and wind power have expanded rapidly in Asia in recently years as major countries in the region have invested in renewable energy, including India, Japan, Vietnam, Korea, and China as the world’s largest producer.
And Lloyd’s anticipates that Asia Pacific will continue to outperform other regions as a market for the investment and development in renewable energy over the coming decade with capacity predicted to increase by up to 2 terawatts by 2030.
“Alternative energy sources are critical in achieving the successful global transition to a low carbon economy,” said Pavlos Spyropoulos, Country Manager, Singapore and CEO at Lloyd’s Asia.
“The Renewable Energy Consortium at Lloyd’s brings together expertise from leading businesses on our platform in Singapore to provide insurance solutions that will allow us to play a greater role in enabling the development of renewable energy projects in Asia. This is another example of Lloyd’s commitment to supporting our client’s and economy’s transition to a sustainable future.”
Margaret To, Chief Executive Officer of Chaucer’s Singapore office, also commented: “Chaucer is delighted to work with Markel and MRSL to bring our new Renewable Energy Consortium to the Lloyd’s Asia platform. By combining our expertise and capacity, we are able to offer a truly unique solution to the market; one that actively supports the pursuit of greener, more sustainable energy.”
“We at Markel are very pleased to partner with established and experienced Singapore markets to further develop insurance solutions for the Asia renewable energy industry,” added Tom Baker, Head of Renewable Energy, Markel.
“By pooling our regional expertise and capacity, and combining it with our international renewables experience, we believe we can offer a compelling product offering to clients in the region.”
Tim Lee, Energy and Engineering Underwriter, Munich Re Syndicate Singapore, further stated: “We are delighted to be part of the consortium and look forward to playing our part in supporting green energy initiatives across Asia Pacific. This platform enables us to step up our push towards a more diversified energy portfolio and support clients who are doing the same, whilst cultivating new, and further strengthening existing relationships.”