Lloyd’s global specialty re/insurer MS Amlin Underwriting (MS AUL) has announced a partnership with specialist insurtech, Altelium, to launch a client-centric battery energy storage system (BESS) construction all risk and operational all risk insurance solution, as part of its commitment to supporting sustainability.
Altelium is a specialist insurtech business which offers insurance for batteries, underpinned by real-time AI-powered data analytics.
The new arrangement is designed to help solve BESS customers’ insurance needs and accelerate the growth of renewable energy and battery storage systems.
Moreover, as the battery energy storage market continues to grow, the planning and development time between concept, construction and operation is reducing, therefore meaning that companies involved in battery storage are challenged to secure insurance which can be both customised to their needs and completed on time.
Having identified this potential barrier to both industry growth and the global transition to a clean energy system, MS AUL has partnered with Altelium to fill this gap.
The partnership will offer insurance capacity to support clients that build and operate energy storage facilities of all sizes.
Julian Samuel, Head of Natural Resources, MS AUL, commented: “We’ve partnered with Altelium, a specialist in this sector, because of their deep technical knowledge and expertise within the battery market. I’m delighted that through this partnership, we are playing a part in the effort to combat climate change.”
Ed Grimston, Altelium Co-founder, added: “We’re delighted to have MS Amlin Underwriting Limited partner with us to provide BESS operational all risk and construction all risk solutions, part of our wider portfolio of products and services across the battery value chain, which includes warranties on BESS and electric vehicles.”
Meanwhile, it was recently announced that Tokio Marine Kiln (TMK) has partnered with Altelium to deliver the world’s first data-driven BESS warranty programme.
